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【环球财经】纽约金价5日分析
Xin Hua Cai Jing· 2025-09-06 02:43
Group 1 - The most active gold futures for December 2025 rose by $34.67, closing at $3641.37 per ounce, with an increase of 0.96% [1] - The increase in gold prices was supported by weak U.S. employment data, which led to a significant drop in the U.S. dollar index, reaching a five-week low [1] - The U.S. Labor Department reported that the unemployment rate in August rose by 0.1 percentage points to 4.3%, marking a nearly four-year high [1] Group 2 - Non-farm payrolls in the U.S. increased by only 22,000 in August, a significant decline from the revised 79,000 in July and well below market expectations of 75,000 [1] - The report confirmed the trend of weakness in the U.S. labor market, strengthening market expectations for a Federal Reserve rate cut in September [1] - Canada and the U.S. agreed to hold technical negotiations regarding industry tariffs, focusing on reaching consensus on a series of smaller agreements to improve Canada's position [1] Group 3 - President Trump signed an executive order implementing a U.S.-Japan trade agreement, imposing tariffs of up to 15% on most Japanese imports [2] - The agreement includes a commitment from Japan to establish a $550 billion U.S. investment fund, while the U.S. will eliminate certain tariffs on aircraft, aircraft parts, and generic drugs [2] - The OPEC+ meeting is scheduled for September 7, with analysts suggesting that the organization may approve an increase in crude oil supply [2]
滥施钢铝关税救不了美国制造业
Jing Ji Ri Bao· 2025-09-05 22:10
Group 1 - The U.S. government has expanded the scope of tariffs on steel and aluminum imports to include hundreds of derivative products, with a 50% tariff imposed on 407 product codes due to their steel and aluminum content [1] - The new tariff list took effect on August 18, marking the highest actual tariff rate since the Smoot-Hawley Tariff Act of 1930, which poses a significant negative impact on the international economy [1] - Historical evidence suggests that previous tariff wars have had adverse effects, with the current complex global supply chains increasing the systemic risks associated with tariff misuse [1][2] Group 2 - The U.S. is attempting to construct a new set of trade rules that reflect its own interests, effectively transferring its domestic costs to global trade partners, which goes beyond normal trade policy into protectionism [2] - The so-called "fair trade" approach by the U.S. is a guise for maintaining its economic monopoly, as it enforces unilateral tariffs that undermine the World Trade Organization's principles [2] - The imposition of asymmetric tariffs distorts global supply chains and converts reasonable economic benefits of trade partners into monopolistic gains for the U.S. government [2] Group 3 - From the perspective of global value chain restructuring, the U.S. trade policy reveals a dual paradox: most of the tariff costs will ultimately be borne by U.S. companies, and the restructuring of supply chains primarily concentrates in ASEAN regions, leading to secondary dependencies [3] - The excessive use of tariffs is unlikely to reduce trade deficits or protect industries, instead causing structural imbalances in global economic governance [3] - The current tariff strategy may not restore the economic glory of the past but could accelerate the decline of the U.S.'s dominant position in global trade [3]
中航期货铝产业链周度报告-20250905
Zhong Hang Qi Huo· 2025-09-05 12:11
1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The domestic supply side of aluminum has little change, with the operating capacity increasing steadily. As the seasonal off - season ends, downstream consumption shows signs of recovery. The overall operating rate of domestic aluminum downstream processing leading enterprises increased by 1 percentage point to 61.7% this week, and the "Golden September" effect is gradually emerging. With the improvement of aluminum demand, the accumulation rate of aluminum ingot social inventory slows down. The peak season may continue to boost aluminum demand and support the trend of Shanghai aluminum. Shanghai aluminum is oscillating, and attention should be paid to the support of the 60 - day moving average at 20600 [7]. - The Fed's interest - rate cut expectation is heating up, and the market focus is on this week's US non - farm payrolls data. In August, the manufacturing PMI was 49.4%, up 0.1 percentage point from last month, indicating an improvement in the manufacturing boom level [6]. 3. Summary According to the Directory 3.1 Report Summary - **Market Focus**: US employment data in August was weak, increasing the market's expectation of a Fed interest - rate cut this month and weakening the US dollar index. The focus is on this week's US non - farm payrolls data. In August, the manufacturing PMI was 49.4%, up 0.1 percentage point from last month, showing an improvement in the manufacturing boom level [6]. - **Main View**: Domestic aluminum supply has little change, while demand is recovering. The overall operating rate of downstream processing leading enterprises rose to 61.7%. The social inventory accumulation of aluminum ingots slows down. The peak season may boost aluminum demand and support Shanghai aluminum. Shanghai aluminum is oscillating, with support at the 60 - day moving average of 20600 [7]. - **Trading Strategy**: Shanghai aluminum is oscillating, and attention should be paid to the support of the 60 - day moving average at 20600 [8]. 3.2 Multi - Empty Focus - **Multi - factor**: The Fed's interest - rate cut expectation is heating up; the "Golden September" is approaching, and consumption is expected to improve; the domestic spot discount narrows [11]. - **Empty - factor**: The price of alumina continues to be weak; the social inventory may continue to accumulate; the overseas spot premium increases [11]. 3.3 Data Analysis - **Aluminum Bauxite**: From January to July 2025, China's aluminum bauxite output was 3583 million tons, a year - on - year increase of 9.21%. In July, the output was 543.45 million tons, a year - on - year increase of 7.42%. Affected by the rainy season in Guinea, the shipment volume of aluminum bauxite decreased, and it is expected that the import volume from Guinea will decline from August to October [19][24]. - **Alumina**: Recently, there have been maintenance on the supply side, but it has little impact on the total output. The operating capacity is still high, and the inventory is accumulating. The spot price is expected to continue the weak trend [28]. - **Electrolytic Aluminum**: In July 2025, China's electrolytic aluminum output was 3.78 million tons, a year - on - year increase of 0.6%. In August, the operating capacity increased slightly, and the output was 3.73 million tons, a month - on - month increase of 0.2% and a year - on - year increase of 1.1%. The growth space of production is limited [31]. - **Downstream Processing**: This week, the overall operating rate of domestic aluminum downstream processing leading enterprises increased by 1 percentage point to 61.7%. It is expected that the operating rate will increase more widely in mid - September [38]. - **Downstream Demand**: In July 2025, China's aluminum product output was 5.484 million tons, a month - on - month decrease of 1.56% and a year - on - year decrease of 1.6%. The downstream demand is weak [42]. - **Automobile**: In July 2025, China's new energy vehicle output was 1.176 million, a year - on - year increase of 17.1%; the automobile output was 2.51 million, a year - on - year increase of 8.4%. It is expected that automobile consumption will continue to grow [46]. - **Real Estate**: From January to July, real estate development investment decreased by 12.0%. The new housing construction area decreased by 19.4%, and the completed area decreased by 16.5%. Some cities have introduced real - estate optimization policies, and the real - estate market may change [51]. - **Inventory**: The LME aluminum inventory is stable at 479,600 tons, while the SHFE aluminum inventory decreased last week, with a weekly increase of 0.795% to 125,596 tons. As of September 4, the social inventory of Chinese aluminum ingots was 620,000 tons, an increase of 4,000 tons from Monday [54][58]. - **Spot Premium**: On September 4, the average price premium of Shanghai Wumao aluminum was - 10 yuan/ton, and the discount narrowed; the LME aluminum 0 - 3 premium was 3.6 US dollars/ton, and the premium increased [62]. - **Recycled Aluminum**: In July, the output of recycled aluminum alloy was 624,800 tons, a month - on - month increase of 1.7% and a year - on - year increase of 11.1%. It is expected that the output in August will decline. As of August 29, the operating rate of the recycled aluminum alloy industry was 53.5%, a month - on - year increase of 0.4% [66][70]. - **Import and Export**: In July 2025, the import volume of unforged aluminum alloy was 69,200 tons, a year - on - year decrease of 28.4% and a month - on - month decrease of 10.6%. The export volume was 24,900 tons, a year - on - year increase of 38.3% and a month - on - month decrease of 3.5% [74]. - **Aluminum Alloy Inventory**: As of September 5, the weekly social inventory of Chinese aluminum alloy was 57,900 tons, an increase of 3,300 tons from last week, and the in - plant inventory was 59,000 tons, a decrease of 2,200 tons from last week [78]. 3.4后市研判 - **Aluminum Alloy**: The futures price of aluminum alloy follows the electrolytic aluminum futures and remains at a high level [81]. - **Shanghai Aluminum**: Shanghai aluminum is oscillating, and attention should be paid to the support of the 60 - day moving average at 20600 [85].
中国宏桥(01378)9月5日斥资3157.1万港元回购127.6万股
智通财经网· 2025-09-05 10:15
智通财经APP讯,中国宏桥(01378)发布公告,于2025年9月5日该公司斥资3157.1万港元回购127.6万股, 回购价格为每股23.88-24.96港元。 ...
美国拟重启美墨加贸易协定谈判
Guo Ji Jin Rong Bao· 2025-09-05 09:56
Group 1 - The U.S. Trade Representative (USTR) will initiate public consultation for the USMCA in the coming weeks, marking the first formal step towards renegotiation [1] - The consultation process must be completed by October 4, 2023, as mandated by the law governing the agreement [1] - The USMCA includes a mandatory six-year review clause, with the first trilateral review meeting scheduled for no later than July 1, 2026 [1] Group 2 - The USMCA is considered a significant trade achievement of the Trump administration, replacing NAFTA, which was criticized for causing job losses in the U.S. [2] - Tariffs imposed by the Trump administration on Canada and Mexico have undermined the effectiveness of the USMCA, particularly affecting the automotive, steel, aluminum, and lumber industries [2] Group 3 - The tariffs serve to increase leverage for the U.S. in the renegotiation process, disrupting North America's complex supply chains, especially in the automotive sector [3] - Recent discussions between U.S. Secretary of State Rubio and Mexican President Claudia Sheinbaum focused on cross-border security, which is seen as a prerequisite for USMCA renegotiation [3] - Mexico is highly sensitive to the negotiation outcomes, as 80% of its exports go to the U.S., and the U.S. has extended tariffs on Mexican goods for an additional 90 days [3] Group 4 - The U.S. has criticized Mexico's policies in energy, telecommunications, agriculture, and intellectual property, highlighting issues such as state-owned enterprise bias and lack of fair competition [4] - Mexico's Economy Minister Marcelo Ebrard acknowledged that the upcoming reviews and negotiations will be challenging but emphasized the need for cooperation among the three countries to maintain North America's competitiveness [4]
全球铝生产商寻求将四季度对日本买家的铝升水设为98-103美元/吨
Wen Hua Cai Jing· 2025-09-05 09:51
Core Insights - Global aluminum producers have quoted the aluminum premium for Japanese buyers at $98-$103 per ton for the October-December shipping period, reflecting a decrease of 5%-9% compared to the current quarter [1] - Japan, a significant aluminum importing country in Asia, has seen a substantial drop in aluminum premiums, with the premium for the July-September quarter set at $108 per ton, marking a 41% decline from the previous quarter, indicating weak demand [1] Industry Summary - The aluminum premium for Japanese buyers is based on the London Metal Exchange (LME) spot price, and the recent quotes suggest a downward trend in pricing [1] - The significant reduction in premiums highlights a potential oversupply or reduced demand in the market, particularly in Japan, which is a key player in aluminum imports [1]
铝类市场周报:供给小增需求渐暖,铝类或将有所支撑-20250905
Rui Da Qi Huo· 2025-09-05 08:44
Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The fundamentals of alumina may be in a stage of slight supply growth and stable demand. For electrolytic aluminum, the fundamentals may be in a stage of slight supply growth and gradually rising demand, with positive consumption expectations and a possible inventory inflection point. Cast aluminum alloy fundamentals may be in a stage of slightly converging supply and gradually warming demand [4]. - It is recommended to conduct light - position short - term long trading on dips for the main contract of Shanghai aluminum, and light - position range - bound trading for the main contract of alumina, while paying attention to operation rhythm and risk control [4]. - Given that the aluminum price will be supported in the future, a double - buying strategy can be considered to bet on increased volatility [75]. Summary by Directory 1. Week - to - Week Summary - **Market Review**: Shanghai aluminum showed a volatile trend, with a weekly change of - 0.22%, closing at 20,695 yuan/ton. Alumina trended weakly, with a weekly change of - 0.99%, closing at 3,006 yuan/ton. Cast aluminum's main contract trended weakly, with a weekly change of - 0.33%, closing at 20,280 yuan/ton [4][6]. - **Market Outlook**: - **Alumina**: The raw material supply is sufficient in the short term, and the supply is expected to increase slightly while demand remains stable [4]. - **Electrolytic Aluminum**: The smelting profit is good, and the supply is expected to increase slightly while demand gradually recovers, with positive consumption expectations and a possible inventory inflection point [4]. - **Cast Aluminum Alloy**: The supply may slightly converge due to tight raw materials and high costs, and demand is gradually warming up [6]. 2. Futures and Spot Markets - **Futures Prices**: - As of September 5, 2025, Shanghai aluminum closed at 20,715 yuan/ton, down 0.24% from August 29; LME aluminum closed at 2,590 US dollars/ton on September 4, 2025, down 0.65% from August 29. The Shanghai - LME ratio was 7.96, up 0.12 from August 29 [9][10]. - As of September 5, 2025, the alumina futures price was 2,948 yuan/ton, down 1.93% from August 29; the cast aluminum alloy main contract closed at 20,280 yuan/ton, down 0.34% from August 29 [13]. - **Open Interest**: As of September 5, 2025, the Shanghai aluminum open interest was 534,489 lots, down 7.36% from August 29; the net position of the top 20 was 4,602 lots, down 1,113 lots from August 29 [16]. - **Futures Spreads**: As of September 5, 2025, the aluminum - zinc futures spread was 1,460 yuan/ton, up 60 yuan/ton from August 29; the copper - aluminum futures spread was 59,445 yuan/ton, up 775 yuan/ton from August 29 [21]. - **Spot Prices**: - As of September 5, 2025, the average alumina price in Henan was 3,120 yuan/ton, down 2.04% from August 29; in Shanxi, it was 3,175 yuan/ton, down 2.52% from August 29; in Guiyang, it was 3,175 yuan/ton, down 2.52% from August 29. The national average price of cast aluminum alloy (ADC12) was 20,750 yuan/ton, unchanged from August 29 [23][24]. - As of September 5, 2025, the A00 aluminum ingot spot price was 20,680 yuan/ton, down 0.19% from August 29; the spot was at par, up 30 yuan/ton from last week [30]. 3. Industry Conditions - **Inventory**: - As of September 4, 2025, the LME electrolytic aluminum inventory was 479,600 tons, down 0.32% from August 28; the SHFE electrolytic aluminum inventory was 125,596 tons on August 29, up 0.8% from last week; the domestic electrolytic aluminum social inventory was 572,000 tons on September 4, up 0.88% from August 28 [34][35]. - As of September 5, 2025, the SHFE electrolytic aluminum warehouse receipts were 59,961 tons, up 2.27% from August 29; the LME electrolytic aluminum registered warehouse receipts were 468,750 tons on September 4, unchanged from August 28 [35]. - **Raw Materials**: - As of the latest data, the domestic nine - port bauxite inventory was 27.63 million tons, down 250,000 tons from the previous month. In July 2025, the bauxite imports were 20.063 million tons, a month - on - month increase of 10.75% and a year - on - year increase of 34.22%. From January to July, the bauxite imports were 123.2607 million tons, a year - on - year increase of 33.65% [38]. - As of this week's latest data, the price of crushed raw aluminum scrap in Shandong was 15,800 yuan/ton, down 50 yuan/ton from last week. In July 2025, the imports of aluminum scrap and fragments were 160,494.61 tons, a year - on - year increase of 18.68%; the exports were 79.39 tons, a year - on - year increase of 50.91% [44]. - **Production and Trade**: - In July 2025, the alumina output was 7.5649 million tons, a year - on - year increase of 4.6%; from January to July, the cumulative output was 52.6721 million tons, a year - on - year increase of 8.5%. In July 2025, the alumina imports were 125,900 tons, a month - on - month increase of 35.29% and a year - on - year increase of 78.23%; the exports were 230,000 tons, a month - on - month increase of 53.33%. From January to July, the cumulative alumina imports were 394,100 tons, a year - on - year decrease of 68.61% [46][47]. - In July 2025, the electrolytic aluminum imports were 248,200 tons, a year - on - year increase of 91.19%; from January to July, the cumulative imports were 1.4975 million tons, a year - on - year increase of 11%. In July 2025, the electrolytic aluminum exports were 41,000 tons; from January to July, the cumulative exports were 126,900 tons [50]. - In July 2025, the electrolytic aluminum output was 378,000 tons, a year - on - year increase of 0.6%; from January to July, the cumulative output was 2.638 million tons, a year - on - year increase of 2.8%. In August 2025, the domestic electrolytic aluminum in - production capacity was 4.4379 million tons, a month - on - month increase of 0.34% and a year - on - year increase of 1.99%; the total capacity was 4.5232 million tons, unchanged from the previous month and a year - on - year increase of 0.52%; the operating rate was 98.11%, up 0.33% from last month and down 1.41% from the same period last year [54]. - In July 2025, the aluminum product output was 5.4837 million tons, a year - on - year decrease of 1.6%; from January to July, the cumulative output was 38.4699 million tons, a year - on - year increase of 0.8%. In July 2025, the aluminum product imports were 360,000 tons, a year - on - year increase of 38.2%; the exports were 540,000 tons, a year - on - year decrease of 7.6%. From January to July, the aluminum product imports were 2.33 million tons, a year - on - year increase of 1.5%; the exports were 3.46 million tons, a year - on - year decrease of 7.9% [58]. - In July 2025, the cast aluminum alloy monthly built - in capacity was 1.26 million tons, unchanged from the previous month and a year - on - year increase of 19.25%. The cast aluminum alloy output was 623,200 tons, a month - on - month increase of 0.69 and a year - on - year increase of 12.41% [61]. - In July 2025, the aluminum alloy output was 1.536 million tons, a year - on - year increase of 10.7%; from January to July, the cumulative output was 10.628 million tons, a year - on - year increase of 14.8%. In July 2025, the aluminum alloy imports were 69,200 tons, a year - on - year decrease of 28.39%; the exports were 24,900 tons, a year - on - year increase of 38.3%. From January to July, the aluminum alloy imports were 611,400 tons, a year - on - year decrease of 13.83%; the exports were 145,200 tons, a year - on - year increase of 7.77% [64]. - **Downstream Markets**: - In July 2025, the real estate development climate index was 93.34, down 0.25 from last month and up 1.23 from the same period last year. From January to July 2024, the new housing construction area was 352.06 million square meters, a year - on - year decrease of 19.5%; the housing completion area was 250.34 million square meters, a year - on - year decrease of 21.19% [67]. - From January to July 2024, the infrastructure investment increased by 7.29% year - on - year. In July 2025, the Chinese automobile sales volume was 2,593,410 units, a year - on - year increase of 14.66%; the automobile production was 2,591,084 units, a year - on - year increase of 13.33% [70]. 4. Option Market Analysis - Given that the aluminum price will be supported in the future, a double - buying strategy can be considered to bet on increased volatility [75].
焦作万方:截至2025年8月29日公司股东总户数为65305户
Zheng Quan Ri Bao· 2025-09-05 08:41
Core Viewpoint - The company, Jiaozuo Wanfang, reported that as of August 29, 2025, the total number of shareholders is 65,305 [2] Summary by Categories - **Company Information** - Jiaozuo Wanfang has a total of 65,305 shareholders as of the specified date [2]
明泰铝业(601677.SH):三季度公司订单情况良好,排产周期约为1.5个月
Ge Long Hui· 2025-09-05 08:14
Core Viewpoint - The company, Ming Tai Aluminum (601677.SH), confirmed that its recycled aluminum subsidy policy remains unchanged and will continue to receive relevant policy support [1] Group 1 - The company reported a good order situation for the third quarter, with a production scheduling cycle of approximately 1.5 months [1] - The company plans to release its production and sales operational report for the first three quarters in early October, urging stakeholders to pay attention to the company's announcements [1] - The company's subsidiary, Hong Sheng New Materials, is constructing high-end heat treatment equipment, which is expected to be operational in October, and has completed part of the customer reserve work to gradually release production capacity [1]
新能源及有色金属日报:氧化铝交割升水调整-20250905
Hua Tai Qi Huo· 2025-09-05 07:51
1. Report Industry Investment Rating - Aluminum: Cautiously bullish [8] - Alumina: Neutral [8] - Aluminum alloy: Cautiously bullish [8] 2. Core Viewpoints of the Report - For electrolytic aluminum, the macro - environment drives the rise in non - ferrous metal prices, with a weak spot market. Supply remains stable, consumption shows improvement, and the inventory build - up rate slows, with expected destocking. Overseas consumption is strong, and there is an increased expectation of interest rate cuts [6]. - Regarding alumina, the adjustment of Xinjiang delivery premium may create arbitrage opportunities. The cost side has support, and although the supply - demand balance is slightly in surplus, considering multiple factors, the price should be treated neutrally [6][7]. - For aluminum alloy, scrap aluminum supply is tight, but production profit has recovered, indicating consumption recovery. The increase in social inventory is due to the transformation of invisible inventory to visible inventory [7]. 3. Summary by Relevant Catalogs 3.1 Important Data - **Aluminum Spot**: On September 4, 2025, the price of East China A00 aluminum was 20,610 yuan/ton, a change of - 120 yuan/ton from the previous trading day; the spot premium was - 20 yuan/ton, a change of 10 yuan/ton. The price of Central Plains A00 aluminum was 20,470 yuan/ton, and the spot premium was - 160 yuan/ton, a change of 30 yuan/ton. The price of Foshan A00 aluminum was 20,560 yuan/ton, a change of - 110 yuan/ton, and the spot premium was - 70 yuan/ton, a change of 15 yuan/ton [1]. - **Aluminum Futures**: On September 4, 2025, the main contract of SHFE aluminum opened at 20,710 yuan/ton, closed at 20,605 yuan/ton, a change of - 160 yuan/ton. The highest price was 20,765 yuan/ton, and the lowest was 20,525 yuan/ton. The trading volume was 151,216 lots, and the open interest was 206,617 lots [2]. - **Inventory**: As of September 4, 2025, the domestic social inventory of electrolytic aluminum ingots was 626,000 tons, a change of 0.3 tons; the warrant inventory was 59,583 tons, a change of 26 tons; the LME aluminum inventory was 479,600 tons, with no change [2]. - **Alumina Spot Price**: On September 4, 2025, the price of alumina in Shanxi was 3,140 yuan/ton, Shandong was 3,120 yuan/ton, Henan was 3,160 yuan/ton, Guangxi was 3,270 yuan/ton, Guizhou was 3,280 yuan/ton, and the FOB price of Australian alumina was 368 US dollars/ton [2]. - **Alumina Futures**: On September 4, 2025, the main contract of alumina opened at 2,998 yuan/ton, closed at 2,980 yuan/ton, a change of - 44 yuan/ton or - 1.46%. The highest price was 2,998 yuan/ton, and the lowest was 2,954 yuan/ton. The trading volume was 279,608 lots, and the open interest was 251,793 lots [2]. - **Aluminum Alloy Price**: On September 4, 2025, the purchase price of Baotai civil raw aluminum was 15,900 yuan/ton, and the purchase price of mechanical raw aluminum was 16,100 yuan/ton, with no change from the previous day. The price of ADC12 Baotai was 20,300 yuan/ton, with no change [3]. - **Aluminum Alloy Inventory**: The social inventory of aluminum alloy was 57,900 tons, and the in - plant inventory was 59,000 tons [4]. - **Aluminum Alloy Cost and Profit**: The theoretical total cost was 20,203 yuan/ton, and the theoretical profit was 197 yuan/ton [5]. 3.2 Market Analysis - **Electrolytic Aluminum**: The macro - environment drives the rise in non - ferrous metal prices, while the spot market is weak. Supply is stable, consumption is improving, and the inventory build - up rate slows, with expected destocking. Overseas consumption is strong, and there is an increased expectation of interest rate cuts [6]. - **Alumina**: A northwest aluminum plant purchased 10,000 tons of alumina at 3,230 yuan/ton, equivalent to a Shanxi ex - factory price of 3,060 yuan/ton. The adjustment of Xinjiang delivery premium by the SHFE may create arbitrage opportunities. The cost side has support, and although the supply - demand balance is slightly in surplus, considering multiple factors, the price should be treated neutrally [6][7]. - **Aluminum Alloy**: Scrap aluminum supply is tight, but production profit has recovered, indicating consumption recovery. The increase in social inventory is due to the transformation of invisible inventory to visible inventory [7]. 3.3 Strategy - **Single - side Strategy**: Bullish on aluminum, neutral on alumina, and bullish on aluminum alloy [8]. - **Arbitrage Strategy**: Long - short arbitrage in SHFE aluminum, long AD11 and short AL11, and reverse arbitrage between January and March contracts of alumina [8]