氧化铝：供应压力未缓解,铸造铝合金：跟随电解铝：铝：区间震荡

1. Report Industry Investment Rating - Aluminum: Range - bound trading [1] - Alumina: Supply pressure remains unrelieved [1] - Cast aluminum alloy: Follows electrolytic aluminum [1] 2. Core Viewpoints of the Report - The report updates the fundamental data of aluminum, alumina, and cast - aluminum alloy, including prices, trading volumes, positions, spreads, and inventory levels in both the futures and spot markets [1]. - The trend intensities of aluminum and aluminum alloy are neutral (0), while the trend intensity of alumina is weak (- 1) [3]. 3. Summary by Related Catalogs Futures Market - Aluminum: The closing price of the SHFE aluminum main contract is 23,845, with a change of +10 compared to T - 1. The trading volume is 266,795, and the position is 252,168. The LME aluminum 3M closing price is 3,142, down 33 from T - 1. The LME注销仓单占比 is 9.69%, down 0.38% [1]. - Alumina: The closing price of the SHFE alumina main contract is 2,820, down 50 from T - 1. The trading volume is 448,156, and the position is 340,118 [1]. - Aluminum Alloy: The closing price of the aluminum alloy main contract is 22,710, up 70 from the previous data. The trading volume is 10,719, and the position is 9,330 [1]. Spot Market - Aluminum: The spot premium is - 180, up 20 from T - 1. The Shanghai bonded area premium is 165, unchanged. The EU Rotterdam aluminum ingot premium (MB) is 365.0, unchanged [1]. - Alumina: The domestic average alumina price is 2,653, unchanged from T - 1. The alumina Lianyungang CIF price is $330/ton, unchanged [1]. - Aluminum Bauxite: The price of Australian imported bauxite is unchanged, the price of Indonesian imported bauxite has no change, and the price of Guinean imported bauxite is 61, down 1 from T - 1 [1]. Inventory and Profit - Inventory: The domestic aluminum ingot social inventory is 117.50 million tons, up 5.00 million tons from T - 1. The LME aluminum ingot inventory is 46.76 million tons, down 0.20 million tons from T - 1. The three - place inventory of aluminum alloy is 40,092, down 253 from T - 1 [1]. - Profit: The ADC12 theoretical profit is 709, up 77 from T - 1. The aluminum spot import loss is 1,891.05, and the aluminum 3M import loss is 1,630.62. The aluminum plate and coil export profit is 3,858.47 [1]. Market News - Fed Governor Milan reiterates that 100 basis - point rate cuts are needed in 2026, warns that excessive regulation distorts the credit structure [3]. - On the first day of the implementation of Shanghai's "Seven Measures", the consultation volume of bank mortgage business has increased significantly, and the second - hand housing market has shown fluctuations [3].