北京时间11月27日，伦敦金属交易所(LME)铝期货价格偏强运行，今日开盘报2856美元/吨，现报2862 美元/吨，涨幅0.04%，盘中最高触及2867.5美元/吨，最低下探2856美元/吨。 LME铝 2805.0 2869.5 2804.0 2864.0 2.25% 【铝市场消息速递】 11月26日，上期所铝期货仓单66985吨，环比上个交易日减少200吨。 11月26日，电解铝现货沪伦比值为7.62，进口盈亏：-1756.58元/吨，上一交易日进口盈亏：-1851.28元/ 吨。 11月26日，伦敦金属交易所（LME）：铝注册仓单484100吨。注销仓单57625吨，减少2000吨。铝库存 541725吨，减少2000吨。 更新时间： LME铝期货行情回顾： 11月26日伦敦金属交易所(LME)铝期货行情 品种 开盘价 最高价 最低价 收盘价 ...

北京时间11月5日，伦敦金属交易所(LME)铝期货价格震荡下行，今日开盘报2859美元/吨，现报2846.5 美元/吨，跌幅0.44%，盘中最高触及2859美元/吨，最低下探2840美元/吨。 更新时间： LME铝期货行情回顾： 11月4日伦敦金属交易所(LME)铝期货行情 品种 开盘价 最高价 最低价 收盘价 LME铝 2905.0 2905.5 2841.5 2865.5 -1.48% 【铝市场消息速递】 11月4日，电解铝现货沪伦比值为7.43，进口盈亏：-2607.85元/吨，上一交易日进口盈亏：-2605.07元/ 吨。 11月4日，伦敦金属交易所（LME）：铝注册仓单506950吨。注销仓单45625吨，减少2000吨。铝库存 552575吨，减少2000吨。 天山铝业（002532）在互动平台表示，公司在中国广西、几内亚以及印尼布局了铝土矿资源。 ...

品种 开盘价 最高价 最低价 收盘价 北京时间10月21日，伦敦金属交易所(LME)铝期货价格继续上行，今日开盘报2768美元/吨，现报2778.5 美元/吨，涨幅0.43%，盘中最高触及2779.5美元/吨，最低下探2766美元/吨。 更新时间： LME铝期货行情回顾： 10月20日伦敦金属交易所(LME)铝期货行情 2025年10月第3周，共计13个工作日，巴西累计装出铝矿石和铝精矿52.11万吨，去年10月为35.76万吨。 日均装运量为4.01万吨/日，较去年10月的1.63万吨/日增加146.64%。 10月20日，伦敦金属交易所（LME）：铝注册仓单405650吨。注销仓单81475吨，减少4100吨。铝库存 487125吨，减少4100吨。 LME铝 2777.5 2787.5 2761.0 2766.5 -0.49% 【铝市场消息速递】 10月20日，上期所铝期货仓单69947吨，环比上个交易日减少723吨。 ...

Group 1 - LME aluminum futures prices are experiencing weak fluctuations, opening at $2795 per ton and currently at $2787.5 per ton, with a decline of 0.30% [1] - On October 16, LME aluminum futures opened at $2737.0, reached a high of $2799.0, and closed at $2796.0, reflecting an increase of 1.88% [2] - Guinea's bauxite exports in Q3 increased significantly by 23% year-on-year to 39.41 million tons, compared to 32 million tons in the same period last year, with most exports directed to China [2] Group 2 - As of October 16, the electrolytic aluminum spot price in Shanghai-London ratio was 7.59, with an import loss of -2252.92 yuan per ton, compared to -2360.11 yuan per ton on the previous trading day [2] - LME registered aluminum warehouse receipts totaled 405,650 tons, with canceled receipts at 89,675 tons, a decrease of 3,600 tons, and total aluminum inventory at 495,325 tons, down by 3,650 tons [2]

Report Summary Industry Investment Rating - Not provided Core Viewpoints - The aluminum market is affected by multiple factors such as macro - environment, trade frictions, and inventory changes. Short - term aluminum prices may continue to fluctuate, and future volatility may increase [1][2] Directory Summaries Macroeconomic and Market Environment - The US court declared Trump's tariff policy illegal, intensifying trade frictions between the US, Europe, and China, leading to rising risk - aversion sentiment and surges in gold and silver prices. The independence of the Federal Reserve is questioned, with a high probability of a rate cut on the 17th, causing the US dollar to fall. In China, major events are unfolding, and market sentiment is optimistic [1] Aluminum Market Conditions - Aluminum spot demand is insufficient, resulting in declines in Shanghai aluminum, LME aluminum, and spot aluminum prices. This week, Shanghai aluminum fell, and the spot changed to a discount of - 30 yuan. After today's decline, spot trading improved slightly [1] - Domestic electrolytic aluminum social inventories and SHFE aluminum inventories increased significantly this week, and LME spot inventories also rose, with a LME spot premium of 3 dollars. The RMB exchange rate rose sharply this week, and the Shanghai - LME ratio of aluminum prices dropped to 7.93 [1] Technical and Market Sentiment - Crude oil rose slightly today, while LME aluminum fell slightly, trading around $2612. Shanghai aluminum also fell slightly, closing at 20645, with a neutral technical pattern. Shanghai aluminum's trading volume increased while its open interest decreased, indicating cautious market sentiment [2] Market Trends and Influencing Factors - The anti - involution hype in the alumina market has significantly cooled down, and this round of speculation may end. Currently in the off - season, spot demand is insufficient. The Russia - Ukraine situation has a significant impact on the market [2]

Group 1 - The core viewpoint of the news is that LME aluminum futures prices are experiencing fluctuations, with a slight decline observed on September 3rd, 2023 [1] - On September 2nd, LME aluminum futures opened at $2619.5 per ton, reached a high of $2625.0, a low of $2600.0, and closed at $2621.5, reflecting a change of 0.08% [2] - The current price of LME aluminum futures is reported at $2612.5 per ton, showing a decrease of 0.25% from the opening price [1] Group 2 - The electrolytic aluminum spot price ratio between Shanghai and London is reported at 7.91, indicating an import loss of -1358.87 yuan per ton, compared to -1323.15 yuan per ton on the previous trading day [2] - As of September 2nd, LME registered aluminum warrants totaled 468,750 tons, with canceled warrants at 10,850 tons, a decrease of 1,450 tons [2] - LME aluminum inventory stands at 479,600 tons, also reflecting a decrease of 1,450 tons [2] - The Shanghai Futures Exchange (SHFE) aluminum futures warrants increased by 125 tons to a total of 58,654 tons compared to the previous trading day [2]

Group 1 - LME aluminum futures prices continue to rise, opening at $2607.5 per ton and currently at $2610.5 per ton, with an increase of 0.13% [1] - The highest price during the day reached $2613.5 per ton, while the lowest was $2606.5 per ton [1] Group 2 - On August 28, LME aluminum futures opened at $2603.0, peaked at $2623.0, and closed at $2608.0, reflecting a change of 0.17% [2] - As of August 28, the Shanghai Futures Exchange reported aluminum warehouse receipts at 57,275 tons, a decrease of 76 tons from the previous trading day [2] - LME registered aluminum warehouse receipts stood at 468,750 tons, with canceled receipts at 12,400 tons, a reduction of 100 tons; total aluminum inventory was 481,150 tons, also down by 100 tons [2] - The electrolytic aluminum spot price ratio between Shanghai and London was 7.92, with an import loss of -1,318.71 yuan per ton, compared to -1,431.43 yuan per ton on the previous trading day [2]

北京时间7月31日，伦敦金属交易所(LME)铝期货价格弱势震荡，今日开盘报2599美元/吨，现报每吨 2594美元/吨，跌幅0.54%，盘中最高触及2609美元/吨，最低下探2594美元/吨。 更新时间： LME铝期货行情回顾： LME铝 2607.5 2621.0 2599.5 2608.5 0.06% 【铝市场消息速递】 7月30日，伦敦金属交易所（LME）：铝注册仓单446075吨，注销仓单14275吨，减少225吨；铝库存 460350吨，增加4250吨。 7月30日，电解铝现货沪伦比值为7.91，进口盈亏：-1486.53元/吨，上一交易日进口盈亏：-1577.29元/ 吨。 7月30日，上期所铝期货仓单51217吨，环比上个交易日减少1857吨。 7月30日伦敦金属交易所(LME)铝期货行情 品种 开盘价 最高价 最低价 收盘价 ...

Report Information - Report Title: Aluminum Daily Report [1] - Date: July 16, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Industry Investment Rating - Not provided Core Viewpoints - On the 15th, Shanghai aluminum fluctuated within a narrow range, with the main 2508 contract slightly down 0.02% at 20,430. The total open interest of the index decreased by 8,776 to 635,827 lots, and the 07 - 08 premium continued to narrow to 25. After the decline in futures prices, the market trading atmosphere improved, and downstream procurement willingness increased compared to last week. Near the contract roll - over, the monthly spread fluctuations led to changes in the spot premium or discount. The current automotive industry is in the off - season, with weakening demand and raw material supply shortages. Under the situation of weak supply and demand, cast aluminum is expected to continue to fluctuate, and the low negative spread structure of AD - AL will remain. China's electrolytic aluminum operating capacity remains at a high level, with a slight decline in the short term due to capacity replacement. Downstream, due to multiple negative factors such as insufficient orders in the traditional off - season, high aluminum prices, and high - temperature weather, the operating rate remains weak, and the off - season effect at the terminal is prominent. On Monday this week, the inventory suddenly increased by 35,000 tons to over 500,000 tons, and the price support weakened. As the off - season arrives, both the supply and demand of electrolytic aluminum tend to be weak, while the smelting profit is high. The strategy is mainly to short - sell for hedging at high levels, and hold the AD - AL arbitrage [8]. Summary by Directory 1. Market Review and Operation Suggestions - On the 15th, Shanghai aluminum fluctuated narrowly. The main 2508 contract slightly decreased by 0.02% to 20,430. The total open interest of the index decreased by 8,776 to 635,827 lots, and the 07 - 08 premium continued to narrow to 25 [8]. - After the decline in futures prices, the market trading atmosphere improved, and downstream procurement willingness increased compared to last week. Near the contract roll - over, the monthly spread fluctuations led to changes in the spot premium or discount. The spot premium in East China was 50, the discount in the Central Plains was - 90, and the premium in South China was 40 [8]. - Cast aluminum alloy fluctuated narrowly following Shanghai aluminum. The 2511 contract closed flat compared to the previous day, and the AD - AL negative spread was - 480. In the current off - season of the automotive industry, with weakening demand and raw material supply shortages, cast aluminum is expected to continue to fluctuate under the situation of weak supply and demand, and the low negative spread structure of AD - AL will remain [8]. - China's electrolytic aluminum operating capacity remains at a high level, with a slight decline in the short term due to capacity replacement. Downstream, due to multiple negative factors such as insufficient orders in the traditional off - season, high aluminum prices, and high - temperature weather, the operating rate remains weak, and the off - season effect at the terminal is prominent. On Monday this week, the inventory suddenly increased by 35,000 tons to over 500,000 tons, and the price support weakened [8]. - As the off - season arrives, both the supply and demand of electrolytic aluminum tend to be weak, while the smelting profit is high. The strategy is mainly to short - sell for hedging at high levels, and hold the AD - AL arbitrage [8]. 2. Industry News - As the July 9 tariff deadline approaches, the EU - US trade negotiation has entered a critical stage. The EU Commission spokesperson said on Monday that the negotiation has made progress and entered the "beginning of the final stage" and will at least reach a principled agreement. Previously, US President Trump threatened to impose a 50% tariff on EU goods if there was no breakthrough in the EU - US trade negotiation before July 9. Currently, the US imposes a 50% tariff on EU steel and aluminum products, a 25% tariff on the automotive sector, and a 10% benchmark tariff on almost all other goods [9]. - The Ministry of Housing and Urban - Rural Development emphasized the importance of promoting the stable, healthy, and high - quality development of the real estate market. Local governments should take responsibility, make full use of the autonomy in real estate regulation policies, implement policies according to local conditions, and continuously consolidate the stable situation of the real estate market [10]. - On July 3, PowerChina announced that its subsidiary signed a mining and transportation project contract for the KEBO bauxite in the TELIMELE MADINA DIAN area of Guinea with a contract value of approximately 5.063 billion yuan. The project is located in the MADINA DIAN area of Telimele Province, Kindia Region, Guinea. The main project content includes bauxite exploration, overburden stripping, waste ore excavation, mining, and transportation in a 204.37 - square - kilometer mining area. The expected mining volume is 28 million tons, and the total land transportation length is approximately 197 kilometers. The total project duration is about 72 months, with no warranty period [10]. - On July 3, Vedanta announced its key metal production in FY26Q1 (April - June 2025). The alumina production at Lanjigarh reached a record high of 587,000 tons, a year - on - year increase of 9% and a month - on - month increase of 36%. The quarterly electrolytic aluminum production was 605,000 tons, a year - on - year increase of 1% and flat month - on - month [10].

Report Industry Investment Rating - Not provided in the document Core Views of the Report - The alumina market is expected to have relatively sufficient supply and stable demand, with cost providing support for the spot price [6] - The Shanghai aluminum market may face relatively stable supply, seasonal decline in demand, and increasing inventory, but industry expectations remain positive due to the macro - environment [6] - The casting aluminum alloy market is in a situation of weak supply and demand, with seasonal inventory accumulation, and long - term expectations and cost support may provide some support for the price [8] Summary by Directory 1. Week - ly Key Points Summary - **Market Review**: Shanghai aluminum showed a slightly upward trend with a weekly increase of 0.27%, closing at 20,635 yuan/ton; alumina rebounded from a low level, with a weekly increase of 1.27%, at 3,024 yuan/ton; cast aluminum rose 0.48% to 19,885 yuan/ton [6][8] - **Market Outlook**: Alumina has sufficient raw material supply, stable demand, and cost - supported prices; Shanghai aluminum has stable supply, seasonal demand decline, and increasing inventory but positive industry expectations; casting aluminum alloy has weak supply and demand, seasonal inventory accumulation, and long - term positive expectations [6][8] - **Strategy Suggestions**: Lightly short - sell the main Shanghai aluminum contract on rallies, lightly go long on the main alumina contract on dips, and trade the main cast aluminum contract with a light position in a range - bound manner, while controlling risks [6][8] 2. Futures and Spot Markets - **Futures Prices**: As of July 4, 2025, Shanghai aluminum closed at 20,815 yuan/ton, up 0.17% from June 27; LME aluminum closed at $2,605.5/ton on July 3, up 0.79% from June 27; alumina futures rose 2.76% to 3,160 yuan/ton; cast aluminum alloy futures rose 0.48% to 19,885 yuan/ton [11][14] - **Position and Spread**: Shanghai aluminum's open interest increased by 3.02% to 691,036 lots; the net position of the top 20 increased by 10,219 lots; the aluminum - zinc spread decreased by 55 yuan/ton to 1,775 yuan/ton; the copper - aluminum spread decreased by 245 yuan/ton to 59,095 yuan/ton [17][22] - **Spot Prices**: Alumina spot prices in Henan rose 0.32% to 3,100 yuan/ton, while those in Shanxi and Guizhou were flat; the national average price of cast aluminum alloy (ADC12) was flat at 20,100 yuan/ton; Shanghai aluminum spot prices fell 0.91% to 20,750 yuan/ton, and the spot discount widened [25][29] 3. Industry Situation - **Inventory**: LME aluminum inventory increased by 5.96% to 356,975 tons; SHFE aluminum inventory increased by 11.91% to 38,485 tons; social inventory of electrolytic aluminum was 424,000 tons, unchanged from June 26 [31][34] - **Raw Materials**: Aluminum ore imports increased, and the nine - port inventory rose by 19 tons to 2,449 tons; waste aluminum prices slightly decreased, and both imports and exports increased [37][44] - **Production and Sales**: In May 2025, alumina production was 748.8 tons, up 5% year - on - year; electrolytic aluminum production was 382.8 tons, up 5% year - on - year; aluminum products production was 576.2 tons, up 0.4% year - on - year; cast aluminum alloy production was 61.6 tons; aluminum alloy production was 164.5 tons, up 16.7% year - on - year [37][54][64] - **Market Demand**: The real estate market slightly declined, with the housing market sentiment index falling; infrastructure investment was positive, and automobile production and sales increased year - on - year [67][70] 4. Options Market Analysis - Given the expected slight decline in aluminum prices in the future, a double - selling strategy can be considered to short volatility [75]