热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 原油： （钟美燕，从业资格号：F3045334；交易咨询资格号：Z0002410） 周二油价大幅收涨，其中WTI 3月合约收盘上涨1.76美元至62.39美元/桶，涨幅2.90%。布伦特3月合约收 盘上涨1.98美元至67.57美元/桶，涨幅3.02%。SC2603以456元/桶收盘，上涨6.9元/桶，涨幅为1.54%。在 美国，严寒天气扰乱了墨西哥湾沿岸多家炼油厂以及少量国内产出，此前一场冬季风暴重创美国产油 区，导致上周末美国墨西哥湾沿岸原油出口一度降至零，令生产商措手不及。OPEC+计划在本周末开 会，评估对下个月产量政策的决定，预计将维持产量不变的计划。一位代表表示，目前尚无迹象显示需 要对成员国委内瑞拉和伊朗的相关事态作出回应。消息称，由雪佛龙公司主导的哈萨克斯坦Tengiz油田 预计到2月7日产量只能恢复到不到一半，产量进一步恢复仍存在不确定性。在期权市场，WTI期货的看 涨偏斜已维持近两周，持续时间为2024年10月份以来最长。在供应端收缩预期的背景下，油价表现为震 荡偏强。短期需持续关注美国寒潮对供应端形成的冲击，以及对油价的影 ...

News Summary Core Viewpoint - The aluminum market is experiencing fluctuations due to macroeconomic factors, with recent dovish comments from Federal Reserve officials leading to a stabilization in aluminum prices. However, the overall supply-demand dynamics remain complex, with varying demand across different sectors [2]. Group 1: Market Data - In the third week of November 2025, Brazil shipped a total of 253,500 tons of bauxite and alumina, down from 400,600 tons in November of the previous year [1]. - The average daily shipment volume was 18,100 tons, a decrease of 14.12% compared to 21,100 tons in November of last year [1]. - As of November 21, Shanghai aluminum futures inventory recorded 123,716 tons, an increase of 8,817 tons from the previous trading day [1]. - By November 24, aluminum ingot inventory was 613,000 tons, down by 8,000 tons from November 20, while aluminum rod inventory was 131,000 tons, down by 6,500 tons, indicating a continuous two-week reduction [1]. Group 2: Industry Insights - Recent dovish remarks from Federal Reserve officials have raised expectations for interest rate cuts, improving market risk appetite and stabilizing aluminum prices. Increased replenishment from downstream sectors has accelerated inventory outflows [2]. - The aluminum industry is currently facing downward pressure on prices due to macroeconomic policies and economic data. The alumina sector has not seen significant production cuts, and the import window remains open, leading to an oversupply situation [2]. - Domestic electrolytic aluminum production capacity remains stable, with high output levels. Seasonal environmental restrictions in northern regions have limited local production impacts, while overseas electrolytic aluminum supply is expected to tighten [2]. - Demand is showing a mixed trend, with construction material demand weak due to the sluggish real estate sector, while orders in automotive lightweighting and energy storage remain robust [2]. - Given the constraints on electrolytic aluminum production capacity and limited growth potential, a medium-term upward trend in aluminum prices is anticipated. The recommendation is to buy on dips, with a support range of 21,000-21,200 yuan/ton for Shanghai aluminum [2].