瑞达期货铝类产业日报-20260311

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The fundamentals of alumina, electrolytic aluminum, and cast aluminum may all be in a stage of increasing supply and demand. It is recommended to conduct short - term long - position trading at low prices, while paying attention to controlling the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Aluminum main contract was 25,215.00 yuan/ton, up 335.00 yuan; the closing price of the alumina futures main contract was 2,869.00 yuan/ton, up 30.00 yuan. The LME aluminum three - month quotation was 3,400.00 US dollars/ton, up 12.00 US dollars. The LME aluminum inventory was 452,375.00 tons, down 2250.00 tons [2]. 3.2 Spot Market - The price of Shanghai Non - ferrous A00 aluminum was 25,030.00 yuan/ton, up 560.00 yuan; the spot price of alumina was 2,630.00 yuan/ton, up 10.00 yuan. The average price of ADC12 aluminum alloy ingots nationwide was 25,100.00 yuan/ton, up 300.00 yuan [2]. 3.3 Upstream Situation - Alumina production in the current month was 801.08 million tons, down 12.72 million tons; the demand for alumina (electrolytic aluminum part) was 731.29 million tons, up 25.33 million tons. The import volume of aluminum scrap and waste in China was 194,102.07 tons, up 31,482.14 tons [2]. 3.4 Industry Situation - The import volume of primary aluminum was 189,196.58 tons, up 43,086.86 tons; the export volume was 37,575.30 tons, down 15,472.39 tons. The production of aluminum products was 613.56 million tons, up 20.46 million tons [2]. 3.5 Downstream and Application - The production of recycled aluminum alloy ingots was 27.08 million tons, down 39.41 million tons; the export volume of non - wrought aluminum and aluminum products was 42.96 million tons, down 11.04 million tons. Automobile production was 3.4115 million vehicles, down 0.1075 million vehicles [2]. 3.6 Option Situation - The implied volatility of the at - the - money option of the Shanghai Aluminum main contract was 28%, down 0.0601%; the call - put ratio of Shanghai Aluminum options was 1.83, down 0.0351 [2]. 3.7 Industry News - In the first two months of this year, China's total import and export value of goods trade was 7.73 trillion yuan, a year - on - year increase of 18.3%. The Ministry of Industry and Information Technology launched the industrial data foundation - building action [2]. 3.8 Alumina View Summary - The alumina main contract fluctuated strongly, with decreasing positions, spot discount, and weakening basis. The fundamentals are in a stage of increasing supply and demand. It is recommended to conduct short - term long - position trading at low prices [2]. 3.9 Electrolytic Aluminum View Summary - The Shanghai Aluminum main contract fluctuated strongly, with increasing positions, spot discount, and strengthening basis. The fundamentals are in a situation of increasing supply and demand, and the aluminum ingot inventory accumulates seasonally. It is recommended to conduct short - term long - position trading at low prices [2]. 3.10 Cast Aluminum Alloy View Summary - The cast aluminum main contract fluctuated strongly, with increasing positions, spot premium, and strengthening basis. The fundamentals may be in a stage of increasing supply and demand, and the downstream purchasing willingness drives the industrial inventory to decline. It is recommended to conduct short - term long - position trading at low prices [2].