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]

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 showing a strong upward trend, with current trading prices around $2812.5 per ton, reflecting a 0.25% increase from the opening price [1] LME Aluminum Futures Market Review - On October 22, LME aluminum futures opened at $2780.0, reached a high of $2822.0, and closed at $2805.5, marking an increase of 0.88% [1] - The trading range for LME aluminum on October 22 was between $2775.0 and $2822.0 [1] Aluminum Market News - As of October 22, LME registered aluminum warrants totaled 405,650 tons, with canceled warrants decreasing by 1,600 tons to 76,875 tons [1] - The total aluminum inventory at LME was reported at 482,525 tons, also reflecting a decrease of 1,600 tons [1] - The ratio of electrolytic aluminum spot prices between Shanghai and London was recorded at 7.52, with the import loss calculated at -2,368.22 yuan per ton, compared to -2,263.34 yuan per ton on the previous trading day [1] - On the same day, the Shanghai Futures Exchange reported aluminum warrants at 67,270 tons, a decrease of 2,127 tons from the previous trading day [1]

Core Viewpoint - The London Metal Exchange (LME) aluminum futures prices are showing a strong performance, with a slight increase observed on October 14, 2023, indicating a stable market trend for aluminum [1] LME Aluminum Futures Market Review - On October 14, 2023, LME aluminum futures opened at $2759.5 per ton and are currently at $2763 per ton, reflecting a 0.22% increase. The intraday high reached $2770.5 per ton, while the lowest point was $2759 per ton [1] - On October 13, 2023, the LME aluminum futures had the following prices: opening at $2754.0, reaching a high of $2775.5, a low of $2744.0, and closing at $2757.0, which is a 0.40% increase [1] Aluminum Market News - As of October 13, 2023, the registered aluminum warehouse receipts at the LME totaled 405,700 tons, with 100,300 tons being canceled, resulting in a decrease of 2,825 tons. The total aluminum inventory stands at 506,000 tons, also down by 2,825 tons [1] - On the same day, the Shanghai Futures Exchange reported aluminum warehouse receipts of 63,151 tons, which is an increase of 4,032 tons compared to the previous trading day [1] - The electrolytic aluminum spot price ratio between Shanghai and London was recorded at 7.55, with the import profit and loss standing at -2,475.83 yuan per ton, compared to -2,395.89 yuan per ton on the previous trading day [1]

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].

Report Information - Report Title: Aluminum Daily Report [1] - Date: July 25, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Report Highlights 1. Investment Rating for the Industry - No investment rating for the industry is provided in the report. 2. Core Viewpoints - On July 24, Shanghai aluminum continued to undergo a correction. The 2509 contract fell 0.41% to 20,760. The total open interest of the index decreased by 25,607 to 665,593 lots. The 08 - 09 spread remained flat at 25, and the AD - AL negative spread was reported at -525. Alumina fluctuated at a high level, closing slightly up 0.23% at 3,427. The proportion of old - style production capacity in the alumina industry is relatively low, and it is difficult to benefit under current policies. In the short term, there is still a need to be vigilant about the callback risk after the sentiment fades. [8] - The electrolytic aluminum sector is currently in the traditional off - season. Domestic operating capacity remains at a high level, and demand remains sluggish. The operating rate of the aluminum processing sector is still weak during the off - season. The negative feedback effect of the high absolute price of aluminum on terminal consumption has reappeared. On July 24, the immediate profit was 3,979 yuan/ton, still at a high level. Overall, both supply and demand of aluminum are weak during the off - season. In the short term, it is supported by policy expectations and rises with the sector, but the upside space is temporarily difficult to open, and the resistance near the previous high is obvious. [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Aluminum: The 2509 contract of Shanghai aluminum fell 0.41% on July 24, with a decrease in total open interest. The 08 - 09 spread was flat, and the AD - AL negative spread was -525. [8] - Alumina: It fluctuated at a high level, closing slightly up 0.23% at 3,427. There is a risk of a post - sentiment callback. [8] - Electrolytic Aluminum: In the off - season, high operating capacity, weak demand, low processing operating rate, and high profit level. The upside space is restricted by the previous high. [8] 3.2 Industry News - **Electrolytic Aluminum Import and Export Data**: In June 2025, China's primary aluminum imports were about 192,400 tons, a month - on - month decrease of 13.8% and a year - on - year increase of 58.7%. From January to June, the cumulative primary aluminum imports were about 1.2499 million tons, a year - on - year increase of 2.5%. In June, primary aluminum exports were about 19,600 tons, a month - on - month decrease of 39.5% and a year - on - year increase of 179.4%. From January to June, the cumulative primary aluminum exports were about 86,600 tons, a year - on - year increase of about 206.6%. In June, the net primary aluminum imports were 172,700 tons, a month - on - month decrease of 9.4% and a year - on - year increase of 51.3%. From January to June, the cumulative net primary aluminum imports were about 1.1633 million tons, a year - on - year decrease of 2.3%. [9] - **Production Data**: In June 2025, China's primary aluminum (electrolytic aluminum) production was 3.81 million tons, a year - on - year increase of 3.4%. In June, the domestic electrolytic aluminum operating capacity changed slightly. Due to the start of the second - phase replacement of electrolytic aluminum from Shandong to Yunnan, the production capacity of the original factory was required to be reduced, resulting in a slight month - on - month decrease in production. In July, domestic electrolytic aluminum operating capacity remained at a high level, and the second - batch replacement project in Yunnan was put into operation, with the industry operating rate rebounding. [10] - **Guinea's Mining Policy**: On the evening of July 17, 2025, Guinea's National Television announced the revocation of exploration and mining licenses of 45 mining companies, including six bauxite enterprises. The revoked bauxite enterprises have long - idle mining rights and no actual mining activities. The government aims to improve the transparency and standardization of mineral resource management. [10] - **US Aluminum Plant Restart**: Alcoa expects its San Ciprián aluminum smelter in Spain to restart in mid - 2026, with an estimated loss of up to $110 million due to the delay. The restart was postponed due to a nationwide power outage in Spain on April 28. After the Spanish government provided relevant reports and commitments, the restart work resumed on July 14. Alcoa expects the smelter to record a net loss of about $90 million - $110 million in 2025, and the entire restart process is expected to be completed by mid - 2026. The smelter has an electrolytic aluminum capacity of 228,000 tons. [10]