注：一般来说，国内外交易所库存不断下降将对期价形成支撑，反之，则对期价有所利空。 2023年以来LME和上期所铝库存对比 以下为2025年8月以来LME和上期所铝库存数据：（单位：吨） | 日期 | LWE | 上期所 | | --- | --- | --- | | 2025/9/12 | 485, 275 | 128, 499 | | 2025/9/11 | 485, 275 | | | 2025/9/10 | 485, 275 | | | 2025/9/9 | 485, 275 | | | 2025/9/8 | 485, 275 | | | 2025/9/5 | 484, 675 | 124, 078 | | 2025/9/4 | 479, 600 | | | 2025/9/3 | 479, 600 | | | 2025/9/2 | 479, 600 | | | 1/6/9202 | 481, 050 | | | 2025/8/29 | 481, 050 | 125, 596 | | 2025/8/28 | 481, 150 | | | 2025/8/27 | 481, 250 | | | 2025/8/ ...

Core Viewpoint - The London Metal Exchange (LME) aluminum futures prices are experiencing fluctuations, with a slight increase observed on September 5, 2023, indicating ongoing volatility in the aluminum market [1]. Group 1: Price Movements - On September 5, 2023, LME aluminum futures opened at $2592 per ton and were reported at $2597.5 per ton, reflecting a 0.29% increase [1]. - The trading range for September 5 saw a high of $2598 per ton and a low of $2590 per ton [1]. - On September 4, 2023, LME aluminum futures closed at $2590 per ton, down by 0.92% from the previous day [2]. Group 2: Inventory and Market Data - As of September 4, 2023, LME registered aluminum warrants totaled 468,750 tons, with canceled warrants at 10,850 tons, remaining unchanged [2]. - The total aluminum inventory on LME was reported at 479,600 tons, also unchanged [2]. - On the same day, the Shanghai Futures Exchange (SHFE) reported aluminum warrants at 59,583 tons, an increase of 26 tons compared to the previous trading day [2]. Group 3: Import and Profitability Metrics - The electrolytic aluminum spot price ratio between Shanghai and London was recorded at 7.92, indicating the profitability of imports [2]. - The import loss for aluminum was reported at -1,320.0 yuan per ton, a slight improvement from the previous day's loss of -1,357.06 yuan per ton [2].

Group 1 - The core viewpoint of the news is that LME aluminum futures prices are experiencing a slight upward trend, with current trading prices showing a minor increase compared to previous sessions [1][2]. - On September 2, LME aluminum futures opened at $2619.5 per ton and reached a current price of $2624 per ton, reflecting a 0.17% increase [1]. - The trading range for LME aluminum on September 1 included an opening price of $2614.0, a high of $2620.0, a low of $2605.0, and a closing price of $2619.5, indicating a 0.04% change [2]. Group 2 - As of September 1, the Shanghai Futures Exchange reported aluminum warehouse receipts at 58,529 tons, which is a decrease of 100 tons compared to the previous trading day [2]. - The electrolytic aluminum spot price ratio between Shanghai and London was recorded at 7.9, with an import loss of -1,323.15 yuan per ton, compared to -1,288.51 yuan per ton on the previous trading day [2]. - LME's registered aluminum warehouse receipts stood at 468,750 tons, with canceled receipts at 12,300 tons, indicating no change, while total aluminum inventory remained at 481,050 tons, also unchanged [2].

Group 1 - LME aluminum futures prices are experiencing a weak trend, opening at $2614 per ton and currently at $2611 per ton, with a decline of 0.31% [1] - The highest price during the day reached $2619 per ton, while the lowest dipped to $2608.5 per ton [1] - On August 29, LME aluminum futures opened at $2607.5, peaked at $2622.0, and closed at $2618.5, reflecting a change of 0.40% [2] Group 2 - As of August 29, the Shanghai Futures Exchange reported aluminum warehouse receipts at 58,629 tons, an increase of 1,354 tons compared to the previous trading day [2] - The electrolytic aluminum spot price ratio between Shanghai and London was 7.93, with an import loss of -1,288.51 yuan per ton, slightly improved from -1,318.71 yuan per ton the previous day [2] - LME registered aluminum warehouse receipts totaled 468,750 tons, with canceled receipts at 12,300 tons, a decrease of 100 tons, and total aluminum inventory at 481,050 tons, also down by 100 tons [2]

Group 1 - LME aluminum futures prices are experiencing weak fluctuations, opening at $2593 per ton and currently at $2586 per ton, with a decline of 0.27% [1] - On August 21, LME aluminum futures opened at $2577.0, reached a high of $2594.0, and closed at $2594.0, reflecting an increase of 0.64% [2] - As of August 21, the LME registered aluminum warehouse receipts totaled 465,475 tons, with canceled receipts at 14,050 tons, and total aluminum inventory remaining stable at 479,525 tons [2] Group 2 - The Shanghai Futures Exchange reported a decrease in aluminum warehouse receipts to 59,890 tons, down by 3,048 tons compared to the previous trading day [2] - The electrolytic aluminum spot price ratio between Shanghai and London is 8.01, with an import loss of -1,151.67 yuan per ton, slightly improved from -1,153.56 yuan per ton on the previous trading day [2]

Group 1 - LME aluminum futures prices continue to decline, opening at $2569 per ton and currently at $2561.5 per ton, reflecting a decrease of 0.23% [1] - On August 19, LME aluminum futures closed at $2565.5 per ton, with a decrease of 0.89% from the previous day [2] - The highest price during the trading session on August 20 was $2569 per ton, while the lowest was $2558 per ton [1] Group 2 - As of August 19, the Shanghai Futures Exchange reported aluminum warehouse receipts at 65,467 tons, a decrease of 25 tons compared to the previous trading day [2] - The electrolytic aluminum spot price ratio between Shanghai and London was 7.96, with an import loss of 1,289.26 yuan per ton, improving from a loss of 1,402.42 yuan per ton the previous day [2] - LME registered aluminum warehouse receipts totaled 465,475 tons, with 14,050 tons canceled, remaining unchanged; total aluminum inventory was 479,525 tons, also unchanged [2]

Group 1 - LME aluminum futures prices are experiencing weak fluctuations, opening at $2602.5 per ton and currently at $2594 per ton, with a decline of 0.35% [1] - On August 15, LME aluminum futures opened at $2621.5, reached a high of $2631.5, and closed at $2600.5, reflecting a decrease of 0.91% [2] - The registered aluminum warehouse receipts at LME totaled 465,450 tons, with canceled receipts at 14,100 tons, showing a decrease of 125 tons [2] Group 2 - As of August 15, the Shanghai Futures Exchange reported aluminum warehouse receipts of 65,191 tons, an increase of 7,245 tons compared to the previous trading day [2] - The current import loss for electrolytic aluminum is -1,459.53 yuan per ton, compared to -1,359.21 yuan per ton on the previous trading day [2] - LME aluminum inventory stands at 479,550 tons, with a reduction of 125 tons [2]

Group 1 - Marubeni Corp reports that aluminum inventory at Japan's three major ports decreased to 315,400 tons by the end of July 2025, a reduction of 0.4% from the previous month [1] - Yokohama and Nagoya saw a decline in inventory, while Osaka experienced an increase [1] - This marks the second consecutive month of declining aluminum inventory at Japanese ports, indicating relatively weak demand as the aluminum premium in Q3 significantly dropped compared to Q2 levels [1] Group 2 - Specific inventory levels as of July 2025: Yokohama at 136,900 tons (down 0.87% month-on-month), Nagoya at 159,700 tons (down 1.60% month-on-month), and Osaka at 18,800 tons (up 15.34% month-on-month) [2] - Year-on-year changes show Nagoya's inventory increased by 12.70%, while Yokohama and Osaka saw decreases of 1.23% and 2.59% respectively [2] - Overall, the total inventory of 315,400 tons reflects a 5.27% increase compared to July 2024 [2]

Core Viewpoint - The LME aluminum futures prices are experiencing weak fluctuations, with a slight decline observed in the latest trading session [1] Group 1: LME Aluminum Futures Performance - On August 8, LME aluminum futures opened at $2612.5 per ton and are currently at $2608 per ton, reflecting a decrease of 0.10% [1] - The trading session on August 7 saw LME aluminum futures open at $2619.0, reach a high of $2641.5, a low of $2501.0, and close at $2610.0, marking a decline of 0.51% [1] Group 2: Market Data and Inventory - As of August 7, the Shanghai Futures Exchange reported aluminum warehouse receipts at 42,031 tons, a decrease of 631 tons compared to the previous trading day [1] - The electrolytic aluminum spot price ratio between Shanghai and London was recorded at 7.87, with an import loss of -1662.79 yuan per ton, compared to -1293.96 yuan per ton on the previous trading day [1] - LME registered aluminum warehouse receipts stood at 455,275 tons with 14,225 tons canceled, while total aluminum inventory increased by 1,575 tons to 469,500 tons [1]

Group 1 - LME aluminum futures prices experienced a slight increase, opening at $2566 per ton and currently trading at $2569.5 per ton, reflecting a 0.18% rise [1] - The highest price during the trading session reached $2571 per ton, while the lowest dipped to $2560 per ton [1] - On August 5, LME aluminum futures closed at $2567 per ton, showing a decrease of 0.10% from the previous day [1] Group 2 - As of August 5, the Shanghai Futures Exchange reported aluminum warehouse receipts at 44,287 tons, a decrease of 2,362 tons compared to the previous trading day [1] - The electrolytic aluminum spot price ratio between Shanghai and London was recorded at 7.99, with an import loss of -1,333.86 yuan per ton, slightly improved from -1,357.76 yuan per ton the previous day [1] - LME registered aluminum warehouse receipts totaled 452,950 tons, with 13,075 tons canceled, resulting in a net increase of 1,575 tons; total aluminum inventory rose by 2,300 tons to 466,025 tons [1]