铝：关注春季躁动行情，氧化铝：检修增加，铸造铝合金：跟随电解铝

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report suggests paying attention to the spring rally in the aluminum market, with increased maintenance in the alumina sector and the cast aluminum alloy market following the trend of electrolytic aluminum [1] Summary by Relevant Catalogs Aluminum - Futures Market: The closing price of the SHFE aluminum main contract was 23,550, down 175 from a month ago and up 2,305 from three months ago; the trading volume was 118,216, a significant decrease compared to previous periods; the open interest was 127,637, also showing a downward trend. The LME aluminum 3M closing price was 3,111, up 23 from a month ago and up 241 from three months ago. The LME cancelled warrant ratio was 10.46%, showing a small increase. The LME aluminum cash - 3M spread was - 27.99 [1] - Spot Market: The domestic aluminum ingot social inventory was 1125,000 tons, showing an increasing trend. The SHFE aluminum ingot warrant was 282,600 tons, also increasing. The LME aluminum ingot inventory was 471,600 tons, showing a slight decrease. The electrolytic aluminum enterprise profit and loss was 7,152.34, showing an upward trend compared to previous periods [1] Alumina - Futures Market: The closing price of the SHFE alumina main contract was 2,829, down 34 from a month ago and up 13 from three months ago; the trading volume was 252,117, showing a large decrease compared to previous periods; the open interest was 286,192, with a complex change trend. The near - month contract to the first - continuous contract spread was - 144 [1] - Spot Market: The domestic average alumina price was 2,646, showing a downward trend. The alumina Lianyungang CIF price was 330 US dollars/ton, with little change [1] Aluminum Alloy - Futures Market: The closing price of the aluminum alloy main contract was 22,320, up 280 from the previous day and up 155 from a week ago; the trading volume was 5,471, showing a decrease. The open interest was 11,540, also showing a decrease. The near - month contract to the first - continuous contract spread was 80 [1] - Spot Market: The ADC12 theoretical profit was 632, showing a certain change compared to previous periods. The Baotai ADC12 price was 23,200, with an increase of 100 [1] Other Information - Trend Intensity: The trend intensity of aluminum is 1, alumina is 0, and aluminum alloy is 1, indicating different market trends [3] - External News: The Fed governor warned that monetary policy may not be able to cope with the unemployment wave caused by AI; Trump's 10% "global tariff" took effect on Tuesday, and the implementation schedule of the 15% tariff has not been finalized, which has caused global fluctuations [3]