Core Viewpoint - The launch of casting aluminum alloy futures on June 10 saw an initial price increase, indicating market interest despite current weak demand conditions [1][2]. Group 1: Market Performance - On the first trading day, the main contract AD2511 opened at 19,400 CNY/ton and closed at 19,190 CNY/ton, up 825 CNY/ton or 4.49% from the benchmark price [1]. - A total of 7 contracts were listed, with a trading volume of 57,300 lots and a transaction value of 11.011 billion CNY [1]. - The average cost of aluminum alloy was reported at 20,086 CNY/ton, with a profit margin of -486 CNY/ton as of the week ending June 5 [1]. Group 2: Supply and Demand Dynamics - The aluminum alloy market is currently in a consumption off-season, with both supply and demand showing weakness [2]. - Production rates have decreased, leading to a significant drop in imports, while downstream consumption, particularly in the automotive sector, is also declining [2]. - Social inventory of aluminum alloy ingots has been increasing for three consecutive weeks, with a total increase of nearly 30,000 tons since early May [2]. Group 3: Pricing and Cost Structure - Current spot prices for casting aluminum alloy are influenced by various pricing platforms, with Jiangxi Baotai often offering lower prices [3]. - The market is expected to see a division in the supply of ADC12, with high-quality aluminum water primarily supplied to major manufacturers and lower-quality products circulating in the market [3]. - The cost of recycled aluminum is under pressure from tight supply and stable aluminum prices, while the spot price of ADC12 is gradually decreasing, indicating challenges in passing on cost pressures during the off-season [2][3]. Group 4: Future Outlook and Strategies - The main participants in the futures market are expected to be alloy ingot producers and downstream secondary component suppliers, with major manufacturers participating less due to their established pricing mechanisms [4]. - The AD2511 contract is anticipated to experience significant price fluctuations due to seasonal demand changes and the influence of raw aluminum prices [4]. - Producers are advised to focus on selling hedges, while downstream companies should consider purchasing spot aluminum to mitigate risks during the off-season [4].

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 | | | | | | 表1：5月28日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2510 | 2980 | 2981 | 2982 | 2950 | 2964 | -0.77% | 1,333,951 | 2,441,388 | 41,409 | 0.59 | | HC2510 | 3111 | 3110 | 3116 | 3084 | 3100 | -0.55% ...

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 | | | | | | 表1：5月26日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2510 | 3046 | 3040 | 3045 | 2996 | 3004 | -1.67% | 1,829,729 | 2,349,145 | 190,924 | 3.38 | | HC2510 | 3189 | 3182 | 3188 | 3127 | 3138 | -2.03% | 804,010 | 1,471,007 | 102,723 | 1.77 | | SS2507 | 12875 | 12855 | 12935 | 12820 | 12875 | -0.04% | ...