北京时间1月21日，伦敦金属交易所(LME)铝期货价格小幅走高，开盘报3116美元/吨，现报3113.5美元/ 吨，涨幅0.48%，盘中最高触及3134.5美元/吨，最低下探3104.5美元/吨。 LME铝 3157.5 3164.5 3096.0 3118.5 -1.48% 【铝市场消息速递】 1月20日，上期所铝期货仓单139951吨，环比上个交易日减少1524吨。 1月20日，电解铝现货沪伦比值为7.54，进口盈亏：-2516.03元/吨，上一交易日进口盈亏：-2457.14元/ 吨。 1月20日，伦敦金属交易所（LME）：铝注册仓单452250吨。注销仓单30750吨，减少2000吨。铝库存 483000吨，减少2000吨。 更新时间： LME铝期货行情回顾： 1月20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 ...

Group 1 - The core viewpoint of the news is that LME aluminum futures prices are experiencing a continuous increase, with a current price of $3127 per ton, reflecting a rise of 1.34% [1] - On January 6, LME aluminum futures opened at $3080.5, reached a high of $3138.0, and closed at $3133.5, marking a 1.41% increase [2] - The inventory data shows that LME registered aluminum warehouse receipts totaled 446,475 tons, with canceled receipts decreasing by 1,500 tons, and total aluminum inventory down by 2,500 tons to 504,250 tons [2] Group 2 - On January 6, the Shanghai Futures Exchange reported aluminum warehouse receipts of 84,204 tons, an increase of 1,408 tons compared to the previous trading day [2] - The electrolytic aluminum spot price ratio between Shanghai and London was 7.72, with an import loss of -1,707.66 yuan per ton, improving from the previous day's loss of -1,931.04 yuan per ton [2]

Core Viewpoint - The LME aluminum futures prices have shown a significant increase, with the opening price at $3024 per ton and reaching a peak of $3069 per ton, indicating a bullish trend in the market [1]. Group 1: LME Aluminum Futures Performance - On January 5, LME aluminum futures opened at $3024 per ton and are currently at $3059 per ton, reflecting a rise of 1.44% [1]. - The trading session saw a high of $3069 per ton and a low of $3023.5 per ton [1]. Group 2: Market Conditions and Trends - On January 2, LME aluminum futures had an opening price of $2996.0, a closing price of $3021.0, with a maximum of $3025.0 and a minimum of $2986.0, showing a slight increase of 0.80% [2]. - The domestic market in China is experiencing low trading activity ahead of the holiday, with downstream demand being high but purchases limited, leading to a cautious stance among traders [2]. - In East China, the main transaction price is around 22480 yuan per ton, which is approximately 210 yuan lower than the futures price [2]. - In South China, the mainstream transaction price is around 22400 yuan per ton [2]. - The operating rate of domestic electrolytic aluminum is steadily increasing, but the supply growth is limited as production capacity approaches industry limits [2]. - As of January 2, LME registered aluminum warrants totaled 447475 tons, with canceled warrants at 61775 tons, a decrease of 2500 tons, and total aluminum inventory at 509250 tons, also down by 2500 tons [2].

Group 1 - LME aluminum futures prices continued to rise, opening at $2896 per ton and currently at $2906 per ton, with an increase of 0.31% [1] - On December 3, LME aluminum futures had an opening price of $2869.5, a highest price of $2903.5, a lowest price of $2865.0, and a closing price of $2897.0, reflecting a change of 1.17% [2] - The aluminum market saw a slight decrease in aluminum water ratio last week, and with the price correction, downstream purchasing activity increased significantly, alleviating the high-price pressure on inventory reduction [2] Group 2 - As of December 3, the electrolytic aluminum spot price ratio between Shanghai and London was 7.56, with an import loss of -1929.02 yuan per ton, compared to -2006.12 yuan per ton on the previous trading day [2] - On December 3, LME registered aluminum warehouse receipts totaled 485,400 tons, with canceled receipts at 48,000 tons, a decrease of 2,325 tons, and total aluminum inventory at 533,400 tons, down by 2,500 tons [2]

Group 1 - LME aluminum futures prices are showing a strong performance, opening at $2856 per ton and currently at $2862 per ton, with a slight increase of 0.04% [1] - The highest price during the trading session reached $2867.5 per ton, while the lowest was $2856 per ton [1] Group 2 - On November 26, LME aluminum futures opened at $2805.0, peaked at $2869.5, and closed at $2864.0, reflecting a 2.25% increase [2] - The Shanghai Futures Exchange reported aluminum warehouse receipts at 66,985 tons, a decrease of 200 tons compared to the previous trading day [2] - The current ratio of electrolytic aluminum spot prices between Shanghai and London is 7.62, with an import loss of -1756.58 yuan per ton, improving from -1851.28 yuan per ton the previous day [2] - LME registered aluminum warehouse receipts totaled 484,100 tons, with canceled receipts decreasing by 2,000 tons to 57,625 tons, and total aluminum inventory at 541,725 tons, also down by 2,000 tons [2]

Group 1 - LME aluminum futures prices experienced a downward trend, opening at $2859 per ton and currently trading at $2846.5 per ton, reflecting a decline of 0.44% [1] - On November 4, LME aluminum futures closed at $2865.5, with a decrease of 1.48% from the previous day [2] - The aluminum inventory at LME decreased by 2000 tons, totaling 552575 tons, while registered warrants stood at 506950 tons [2] Group 2 - The electrolytic aluminum spot price ratio between Shanghai and London was reported at 7.43, indicating an import loss of -2607.85 yuan per ton [2] - Tianshan Aluminum (002532) announced its strategic investments in bauxite resources located in Guangxi, Guinea, and Indonesia [2]

Group 1 - LME aluminum futures prices continue to rise, opening at $2768 per ton and currently at $2778.5 per ton, with an increase of 0.43% [1] - The highest price during the day reached $2779.5 per ton, while the lowest dipped to $2766 per ton [1] Group 2 - On October 20, LME aluminum futures closed at $2766.5 per ton, down 0.49% from the previous day [2] - Brazil's cumulative aluminum ore and aluminum concentrate shipments reached 521,100 tons in the third week of October 2025, compared to 357,600 tons in October last year, indicating a significant increase [2] - The average daily shipment volume increased by 146.64% to 40,100 tons per day compared to 16,300 tons per day last October [2] - As of October 20, the Shanghai Futures Exchange had aluminum warehouse receipts of 69,947 tons, a decrease of 723 tons from the previous trading day [2] - LME registered aluminum warehouse receipts totaled 405,650 tons, with canceled receipts at 81,475 tons, a reduction of 4,100 tons [2] - LME aluminum inventory stands at 487,125 tons, also down by 4,100 tons [2]

Group 1 - LME aluminum futures prices are experiencing weak fluctuations, opening at $2795 per ton and currently at $2787.5 per ton, with a decline of 0.30% [1] - On October 16, LME aluminum futures opened at $2737.0, reached a high of $2799.0, and closed at $2796.0, reflecting an increase of 1.88% [2] - Guinea's bauxite exports in Q3 increased significantly by 23% year-on-year to 39.41 million tons, compared to 32 million tons in the same period last year, with most exports directed to China [2] Group 2 - As of October 16, the electrolytic aluminum spot price in Shanghai-London ratio was 7.59, with an import loss of -2252.92 yuan per ton, compared to -2360.11 yuan per ton on the previous trading day [2] - LME registered aluminum warehouse receipts totaled 405,650 tons, with canceled receipts at 89,675 tons, a decrease of 3,600 tons, and total aluminum inventory at 495,325 tons, down by 3,650 tons [2]

Report Summary Industry Investment Rating - Not provided Core Viewpoints - The aluminum market is affected by multiple factors such as macro - environment, trade frictions, and inventory changes. Short - term aluminum prices may continue to fluctuate, and future volatility may increase [1][2] Directory Summaries Macroeconomic and Market Environment - The US court declared Trump's tariff policy illegal, intensifying trade frictions between the US, Europe, and China, leading to rising risk - aversion sentiment and surges in gold and silver prices. The independence of the Federal Reserve is questioned, with a high probability of a rate cut on the 17th, causing the US dollar to fall. In China, major events are unfolding, and market sentiment is optimistic [1] Aluminum Market Conditions - Aluminum spot demand is insufficient, resulting in declines in Shanghai aluminum, LME aluminum, and spot aluminum prices. This week, Shanghai aluminum fell, and the spot changed to a discount of - 30 yuan. After today's decline, spot trading improved slightly [1] - Domestic electrolytic aluminum social inventories and SHFE aluminum inventories increased significantly this week, and LME spot inventories also rose, with a LME spot premium of 3 dollars. The RMB exchange rate rose sharply this week, and the Shanghai - LME ratio of aluminum prices dropped to 7.93 [1] Technical and Market Sentiment - Crude oil rose slightly today, while LME aluminum fell slightly, trading around $2612. Shanghai aluminum also fell slightly, closing at 20645, with a neutral technical pattern. Shanghai aluminum's trading volume increased while its open interest decreased, indicating cautious market sentiment [2] Market Trends and Influencing Factors - The anti - involution hype in the alumina market has significantly cooled down, and this round of speculation may end. Currently in the off - season, spot demand is insufficient. The Russia - Ukraine situation has a significant impact on the market [2]

Group 1 - The core viewpoint of the news is that LME aluminum futures prices are experiencing fluctuations, with a slight decline observed on September 3rd, 2023 [1] - On September 2nd, LME aluminum futures opened at $2619.5 per ton, reached a high of $2625.0, a low of $2600.0, and closed at $2621.5, reflecting a change of 0.08% [2] - The current price of LME aluminum futures is reported at $2612.5 per ton, showing a decrease of 0.25% from the opening price [1] Group 2 - The electrolytic aluminum spot price ratio between Shanghai and London is reported at 7.91, indicating an import loss of -1358.87 yuan per ton, compared to -1323.15 yuan per ton on the previous trading day [2] - As of September 2nd, LME registered aluminum warrants totaled 468,750 tons, with canceled warrants at 10,850 tons, a decrease of 1,450 tons [2] - LME aluminum inventory stands at 479,600 tons, also reflecting a decrease of 1,450 tons [2] - The Shanghai Futures Exchange (SHFE) aluminum futures warrants increased by 125 tons to a total of 58,654 tons compared to the previous trading day [2]