大越期货沪铝周报-20260302

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The Shanghai aluminum market showed a volatile upward trend last week. The main contract rose by 2.76%, closing at 23,835 yuan/ton on Friday [3]. - Under the goal of carbon neutrality, production capacity will be controlled in the long - term. Domestic real estate has suppressed demand, but the substitution of aluminum for copper may bring incremental demand. Currently, demand is in the off - season, and later consumption changes should be monitored [3]. - Last week, LME inventory was 465,550 tons, slightly decreasing from the previous week. SHFE weekly inventory increased by 58,546 tons to 355,985 tons [3]. 3. Summary by Directory 3.1 Market Review - The Shanghai aluminum main contract rose by 2.76% last week, closing at 23,835 yuan/ton on Friday [3]. 3.2 Fundamentals (Inventory Structure) - Supply - Demand Balance Table: The report provides the annual supply - demand balance table of aluminum in China from 2018 to 2024, showing data on production, net imports, apparent consumption, actual consumption, and supply - demand balance [10]. - Inventory: LME inventory was 465,550 tons last week, slightly decreasing from the previous week, while SHFE weekly inventory increased by 58,546 tons to 355,985 tons [3]. 3.3 Market Structure - Spot - Futures Spread: No specific data on the spot - futures spread is provided, but it is listed as an aspect of market structure [25]. - Import Profit: No specific data on import profit is provided, but it is listed as an aspect of market structure [25].