Group 1 - The aluminum oxide futures market is experiencing a downward trend, with the main contract opening at 3100.0 CNY/ton and a decline of 2.39% observed, reaching a low of 3055.0 CNY [1] - Domestic aluminum oxide production capacity has rebounded to historical highs, leading to an oversupply situation, while the inventory at the Shanghai Futures Exchange remains low at just over 20,000 tons, making it difficult for futures to decline significantly [1] - There are expectations of production resumption from Guinea mining companies, and with the upcoming import of aluminum oxide in July, the supply pressure is expected to persist [1] Group 2 - Copper Crown Jin Yuan Futures indicates that the current aluminum oxide spot prices are maintaining a slight premium due to limited spot liquidity, but further upward movement requires more bullish signals from production capacity and inventory changes [2] - The short-term outlook for aluminum oxide is expected to be dominated by fluctuations, while medium to long-term supply pressures remain significant [2]