北京时间1月29日，伦敦金属交易所(LME)铝期货价格高位震荡，开盘报3285美元/吨，现报3262美元/ 吨，跌幅0.05%，盘中最高触及3294美元/吨，最低下探3251美元/吨。 LME铝期货行情回顾： 1月28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 3220.0 3314.0 3219.0 3263.5 1.59% 【铝市场消息速递】 上期所：同意新疆其亚铝电有限公司生产的"QY"牌铝锭在我所注册，注册产能80万吨，执行标准价。 自公告之日起，上述产品可用于我所铝期货合约的履约交割。 1月28日，电解铝现货沪伦比值为7.68，进口盈亏：-1953.93元/吨，上一交易日进口盈亏：-2240.15元/ 吨。 1月28日，伦敦金属交易所（LME）：铝注册仓单474400吨。注销仓单25575吨，增加2825吨。铝库存 499975吨，减少2275吨。 ...

Core Viewpoint - The LME aluminum futures prices are experiencing fluctuations, with a recent increase noted in the trading session. Group 1: LME Aluminum Futures Prices - On January 19, the LME aluminum futures opened at $3142.5 per ton and are currently at $3152.5 per ton, reflecting a rise of 0.77%. The intraday high reached $3163.5 per ton, while the low was $3138.5 per ton [1] - On January 16, the LME aluminum futures had an opening price of $3166.5, a high of $3174.0, a low of $3113.0, and a closing price of $3128.5, marking a decrease of 1.36% [2] Group 2: Market Data and Inventory - As of January 16, the Shanghai Futures Exchange reported aluminum warehouse receipts of 140,750 tons, an increase of 2,667 tons compared to the previous trading day [2] - The electrolytic aluminum spot price ratio between Shanghai and London was 7.57, with an import loss of ¥-2,416.75 per ton, improving from the previous day's loss of ¥-2,563.98 per ton [2] - The LME reported registered aluminum warehouse receipts of 446,575 tons, with canceled receipts decreasing by 2,000 tons to a total of 41,425 tons. The total aluminum inventory stands at 488,000 tons, also down by 2,000 tons [2]

Core Viewpoint - The LME aluminum futures prices are experiencing fluctuations at high levels, with a current price of $2950 per ton, reflecting a 0.37% increase from the opening price [1] Group 1: LME Aluminum Futures Performance - On December 24, LME aluminum futures opened at $2947 per ton and reached a high of $2957.5 per ton, with a low of $2946 per ton [1] - On December 23, the LME aluminum futures closed at $2941 per ton, with an opening price of $2943.5, a highest price of $2966.0, and a lowest price of $2926.0, showing no percentage change [1] Group 2: Aluminum Market Updates - As of December 23, the registered aluminum warehouse receipts at LME totaled 445,200 tons, with 74,400 tons canceled, remaining unchanged [1] - The aluminum inventory at LME stood at 519,600 tons, also unchanged [1] - The Shanghai-London aluminum price ratio was reported at 7.46, with the import loss at -2350.47 yuan per ton, improving from the previous day's loss of -2466.39 yuan per ton [1] - On December 23, the Shanghai Futures Exchange aluminum warehouse receipts increased by 1 ton from the previous trading day, totaling 76,089 tons [1]

Core Viewpoint - The LME aluminum futures prices experienced slight fluctuations, with a current price of $2939 per ton, reflecting a decrease of 0.09% from the opening price [1] Group 1: LME Aluminum Futures Market - On December 22, LME aluminum futures opened at $2955.0, reached a high of $2968.0, and closed at $2941.0, marking a decline of 0.49% [1] - The trading range for December 23 saw prices fluctuate between a high of $2945.5 and a low of $2926 [1] Group 2: Global Aluminum Production Data - According to the International Aluminum Institute (IAI), global primary aluminum production in November 2025 was 6.086 million tons, up from 6.058 million tons in the same month last year, but down from a revised figure of 6.292 million tons from the previous month [1] - China's primary aluminum production for November is estimated at 3.647 million tons, a decrease from the revised figure of 3.766 million tons from the previous month [1] Group 3: Market Indicators - As of December 22, the electrolytic aluminum spot price ratio between Shanghai and London was 7.43, with an import loss of -2466.39 yuan per ton, compared to -2148.39 yuan per ton from the previous trading day [1] - The LME reported aluminum registered warrants at 445,200 tons, with canceled warrants increasing by 600 tons to a total of 74,400 tons, while aluminum inventory remained stable at 519,600 tons [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the context of the Fed's loose monetary policy and the strong performance of precious metals, the sentiment in the non - ferrous metals market is generally positive. However, each metal has its own supply - demand situation and price influencing factors, and the price trends vary [2][3]. - For copper, although there is a possibility of a short - term price increase, the resistance to upward movement is increasing. For aluminum, the price is expected to fluctuate and gradually rise. For lead, the price is expected to be strong within a wide range in the short term. For zinc, it may show an upward pulse in the short term but is expected to be weak in the medium term. For tin, the price is expected to fluctuate with market sentiment. For nickel, the short - term bottom may have emerged. For lithium carbonate, the short - term supply pressure eases and the bullish trend on the disk has not ended. For alumina, it is recommended to wait and see in the short term. For stainless steel, it is advisable to wait and see and pay attention to policy implementation. For cast aluminum alloy, the price is expected to fluctuate within a range [3][6][9][11][14][17][20][23][26][29]. 3. Summary by Metals Copper - **Market Information**: The LME copper price rose 0.34% to $11,911/ton, and the Shanghai copper main contract closed at 93,920 yuan/ton. LME inventory decreased by 2,650 tons to 157,750 tons. In China, the social inventory of electrolytic copper increased slightly, the bonded - area inventory increased slightly, and the SHFE warehouse receipts increased by 0.3 to 49,000 tons. The spot discount in Shanghai and Guangdong expanded, and the import loss of Shanghai copper spot widened to 1,600 yuan/ton. The refined - scrap copper price difference narrowed slightly to 4,500 yuan/ton [2]. - **Strategy View**: The sentiment is positive under the Fed's policy and precious metals rally. The copper mine supply is tight, and the supply surplus pressure is not large in the short term, but the resistance to upward movement is increasing. The operating range of the Shanghai copper main contract is expected to be 92,800 - 94,600 yuan/ton, and that of LME copper 3M is 11,800 - 12,000 dollars/ton [3]. Aluminum - **Market Information**: The LME aluminum price fell 0.49% to $2,941/ton, and the Shanghai aluminum main contract closed at 22,135 yuan/ton. The position of the Shanghai aluminum weighted contract increased by 0.5 to 659,000 lots, and the futures warehouse receipts decreased slightly to 76,000 tons. The domestic social inventory of aluminum ingots increased by about 27,000 tons, and the aluminum rod processing fee decreased. The LME aluminum inventory remained unchanged at 520,000 tons [5]. - **Strategy View**: The overall inventory is relatively low, and the price support is strong, but there are pressures from tariff hikes and the off - season. The price is expected to fluctuate and gradually rise. The operating range of the Shanghai aluminum main contract is 22,000 - 22,300 yuan/ton, and that of LME aluminum 3M is 2,910 - 2,980 dollars/ton [6]. Lead - **Market Information**: The Shanghai lead index rose 0.22% to 16,917 yuan/ton. The LME lead 3S rose $5 to $1,978.5/ton. The domestic social inventory decreased slightly by 40 tons to 1,910 tons [8]. - **Strategy View**: The supply of lead ingots is tightening marginally, and the inventory is relatively low. After the short - term macro - risk release, the sentiment in the non - ferrous market is strong. The lead price is expected to be strong within a wide range in the short term [9]. Zinc - **Market Information**: The Shanghai zinc index rose 0.18% to 23,123 yuan/ton. The LME zinc 3S rose $19 to $3,092/ton. The domestic zinc ingot social inventory increased by 70 tons to 11,930 tons [10]. - **Strategy View**: The shortage of domestic zinc ore is expected to ease marginally. The LME zinc inventory increased, and the domestic social inventory decreased. Affected by macro - sentiment, the zinc price may show an upward pulse in the short term but is expected to be weak in the medium term [11]. Tin - **Market Information**: The Shanghai tin main contract closed at 340,440 yuan/ton, a 0.18% decrease. The smelting enterprises in Yunnan and Jiangxi have limited production growth momentum. The demand for tin ingots has declined, and the spot trading atmosphere is dull [13]. - **Strategy View**: Although the demand is weak and the supply is expected to improve, the price is expected to fluctuate with market sentiment. It is recommended to wait and see. The operating range of the domestic main contract is 300,000 - 350,000 yuan/ton, and that of LME tin is 39,000 - 43,000 dollars/ton [14]. Nickel - **Market Information**: The Shanghai nickel main contract rose 3.48% to 121,260 yuan/ton. The nickel ore price remained stable, and the nickel iron price rose slightly [15]. - **Strategy View**: The oversupply pressure of nickel is still large, but the short - term bottom may have emerged due to the news of potential cobalt taxation in Indonesia. It is recommended to wait and see. The operating range of Shanghai nickel is 110,000 - 125,000 yuan/ton, and that of LME nickel 3M is 13,000 - 15,500 dollars/ton [16][17]. Lithium Carbonate - **Market Information**: The MMLC spot index of lithium carbonate rose 3.18% to 108,405 yuan. The LC2605 contract closed at 114,380 yuan, a 2.68% increase [19]. - **Strategy View**: The short - term supply pressure eases, and the bullish trend on the disk has not ended. It is recommended to wait and see or buy options with a light position. The operating range of the LC2605 contract is 111,600 - 117,100 yuan/ton [20]. Alumina - **Market Information**: The alumina index fell 1.08% to 2,561 yuan/ton. The Shandong spot price fell 5 yuan/ton to 2,650 yuan/ton, with a premium of 135 yuan/ton over the 01 contract. The overseas MYSTEEL Australia FOB remained at $309/ton, and the import loss was 59 yuan/ton [22]. - **Strategy View**: The ore price is expected to decline, and the over - capacity pattern of alumina smelting is difficult to change in the short term. However, as the price is close to the cost line, the follow - up production reduction expectation increases. It is recommended to wait and see in the short term. The operating range of the domestic main contract AO2601 is 2,400 - 2,700 yuan/ton [23]. Stainless Steel - **Market Information**: The stainless steel main contract closed at 12,850 yuan/ton, a 1.02% increase. The social inventory decreased to 1.0421 million tons, a 2.01% decrease [25]. - **Strategy View**: The news of the reduction in Indonesia's nickel ore production target has boosted the price, but the spot trading is still light. It is recommended to wait and see and pay attention to policy implementation [26]. Cast Aluminum Alloy - **Market Information**: The price of the cast aluminum alloy main contract AD2602 rose 0.26% to 21,290 yuan/ton. The weighted contract position remained stable at 28,900 lots, and the trading volume increased [28]. - **Strategy View**: The cost is relatively strong, and there are supply - side disturbances, but the demand is unstable and there is delivery pressure. The price is expected to fluctuate within a range [29].

Group 1 - LME aluminum futures prices are showing a strong performance, opening at $2802.5 per ton and currently at $2806.5 per ton, with an increase of 0.74% [1] - The highest price during the trading session reached $2810 per ton, while the lowest was $2800.5 per ton [1] Group 2 - On November 21, LME aluminum futures opened at $2803.0, peaked at $2812.0, and closed at $2808.0, reflecting a slight increase of 0.05% [2] - As of November 21, the Shanghai Futures Exchange reported aluminum warehouse receipts at 69,283 tons, a decrease of 125 tons from the previous trading day [2] - LME registered aluminum warehouse receipts totaled 490,725 tons, with canceled receipts at 57,275 tons, a reduction of 2,000 tons, while total aluminum inventory increased by 3,925 tons to 548,000 tons [2] - The electrolytic aluminum spot price ratio between Shanghai and London was 7.63, with an import loss of -1,797.86 yuan per ton, compared to -1,760.26 yuan per ton the previous trading day [2]

Core Viewpoint - The LME aluminum futures prices experienced a slight decline, with the current price at $2857 per ton, reflecting a decrease of 0.05% from the opening price [1] Group 1: LME Aluminum Futures Performance - On November 15, LME aluminum futures opened at $2857.5 per ton and reached a high of $2857.5 per ton, while the lowest point was $2850 per ton [1] - On November 14, the LME aluminum futures closed at $2858.5 per ton, showing a decrease of 0.64% from the previous day [1] Group 2: Aluminum Market Updates - As of November 14, the Shanghai Futures Exchange reported aluminum warehouse receipts at 64,742 tons, remaining unchanged from the previous trading day [1] - The LME reported registered aluminum warehouse receipts at 522,800 tons, with canceled receipts at 29,575 tons, a decrease of 2,100 tons [1] - The total aluminum inventory at LME was 552,375 tons, which decreased by 825 tons [1] Group 3: Import and Export Dynamics - The current ratio of electrolytic aluminum spot prices between Shanghai and London is 7.59, indicating an import loss of 1,904.95 yuan per ton, compared to a loss of 2,002.18 yuan per ton on the previous trading day [1]

Group 1 - LME aluminum futures prices continue to fluctuate at high levels, opening at $2880.5 per ton and currently at $2883.5 per ton, with a decline of 0.45% [1] - On November 13, LME aluminum futures opened at $2883.0, reached a high of $2911.5, a low of $2873.0, and closed at $2877.0, reflecting a decrease of 0.31% [2] - As of November 13, the registered aluminum warehouse receipts at LME totaled 521,525 tons, with canceled receipts at 31,675 tons, a decrease of 2,000 tons, while total aluminum inventory increased by 9,125 tons to 553,200 tons [2] Group 2 - On November 13, the Shanghai Futures Exchange reported aluminum warehouse receipts of 64,742 tons, an increase of 924 tons compared to the previous trading day [2] - The electrolytic aluminum spot price ratio between Shanghai and London was 7.56, with an import loss of -2,002.18 yuan per ton, improving from -2,149.66 yuan per ton on the previous trading day [2]

Group 1 - LME aluminum futures prices are experiencing fluctuations within a high range, opening at $2844.5 per ton and currently at $2847.5 per ton, with an increase of 0.11% [1] - The highest price during the trading session reached $2857 per ton, while the lowest dipped to $2842.5 per ton [1] Group 2 - On November 6, LME aluminum futures opened at $2846.0, peaked at $2882.5, and closed at $2843.0, reflecting a decrease of 0.09% [2] - As of November 6, registered aluminum warehouse receipts totaled 506,950 tons, with canceled receipts at 41,425 tons, a reduction of 2,075 tons [2] - Total aluminum inventory stood at 548,375 tons, also down by 2,075 tons [2] - The Shanghai Futures Exchange reported aluminum warehouse receipts at 55,506 tons, a decrease of 31 tons compared to the previous trading day [2] - The current ratio of electrolytic aluminum spot prices between Shanghai and London is 7.51, with an import loss of -2,348.94 yuan per ton, compared to -2,447.6 yuan per ton on the previous trading day [2]

Core Viewpoint - The LME aluminum futures prices are experiencing fluctuations, with a slight increase observed on October 31, 2023, indicating ongoing market volatility in the aluminum sector [1]. Group 1: LME Aluminum Futures Prices - On October 31, 2023, LME aluminum futures opened at $2865 per ton and are currently at $2868 per ton, reflecting a 0.16% increase [1]. - The intraday trading range for aluminum futures on October 31 reached a high of $2873.5 per ton and a low of $2864.5 per ton [1]. Group 2: Market Overview and Inventory - On October 30, 2023, LME aluminum futures closed at $2864 per ton, down 0.61% from the previous trading session [2]. - As of October 30, 2023, the aluminum rod inventory in major domestic consumption areas is reported at 138,000 tons, a decrease of 800 tons from Monday and down 700 tons from the previous Thursday [2]. - The LME registered aluminum warehouse receipts totaled 404,675 tons, with canceled receipts at 54,850 tons, a reduction of 3,225 tons [2]. - The total aluminum inventory at LME stands at 459,525 tons, also reflecting a decrease of 3,225 tons [2].