Group 1 - The core point of the article is that Zhongjin Lingnan plans to acquire minority stakes in Zhongjin Copper and Zhongjin Rongsheng to enhance management efficiency and control over its copper smelting segment [1][4] - Zhongjin Lingnan will acquire 6.7784% of Zhongjin Copper and 10.3333% of Zhongjin Rongsheng, resulting in a 100% ownership of Zhongjin Copper upon completion of the transaction [1][2] - The acquisition is part of a broader strategy following the bankruptcy restructuring of Shandong Dongying Fangyuan enterprises, where Zhongjin Lingnan partnered with financial investors to establish Zhongjin Rongsheng [1][2] Group 2 - Zhongjin Lingnan invested 1.89 billion yuan, while financial investors contributed a total of 1.11 billion yuan to control Zhongjin Copper through the investment platform [2] - As of June 30, 2025, Zhongjin Lingnan plans to acquire an additional 30.8409% of Zhongjin Copper and 26.6667% of Zhongjin Rongsheng from minority shareholders [2] - The total transaction value for the recent share acquisitions from China Cinda is 742 million yuan, which has been approved by the company's board and does not require shareholder approval [3] Group 3 - Zhongjin Rongsheng, established in 2022, has a registered capital of 3 billion yuan and reported revenues of 626 million yuan and a net profit of 68 million yuan in 2024 [4] - Zhongjin Copper, founded in 2006, has a registered capital of 4.892 billion yuan, with revenues of 34.139 billion yuan and a net profit of 444 million yuan in 2024, and 31.204 billion yuan with a net profit of 113 million yuan in the first three quarters of 2025 [4] - The acquisition is aimed at optimizing resource allocation and enhancing control over the copper smelting sector, with no adverse impact on the financial status or operational capabilities of Zhongjin Lingnan [4]

沪锌多头离场， 短期价格承压 锌周报 2025/11/22 张世骄（有色金属组） 0755-23375122 zhangsj3@wkqh.cn 从业资格号：F03120988 交易咨询号：Z0023261 01 周度评估 04 需求分析 02 宏观分析 05 供需库存 CONTENTS 目录 03 供给分析 06 价格展望 01 周度评估 周度评估 ◆ 价格回顾：周五沪锌指数收涨0.03%至22395元/吨，单边交易总持仓19.52万手。截至周五下午15：00，伦锌3S较前日同期跌0.5至 2989.5美元/吨，总持仓22.08万手。SMM0#锌锭均价22440元/吨，上海基差25元/吨，天津基差-15元/吨，广东基差-35元/吨，沪 粤价差60元/吨。 ◆ 国内结构：据上海有色数据，国内社会库存小幅去库至15.27万吨。上期所锌锭期货库存录得7.29万吨，内盘上海地区基差25元/ 吨，连续合约-连一合约价差5元/吨。海外结构：LME锌锭库存录得4.61万吨，LME锌锭注销仓单录得0.36万吨。外盘cash-3S合约 基差134.75美元/吨，3-15价差26美元/吨。跨市结构：剔汇后盘面沪伦比价录得1.05 ...

数据来源：海关总署 海关总署在线查询数据显示，中国10月精炼铜出口量为65945吨，同比增加逾五倍，环比大增近1.5倍。 9月底出口窗口就有所打开，国内冶炼厂积极布局出口计划，10月份铜价继续上探，国内需求受到抑 制，国内精炼铜出口量大增。 （文华综合） ...

Group 1 - The first National Nonferrous Metals Product Quality Brand Cultivation Evaluation results were announced, with Yunnan Tin Company (YTC) winning multiple awards for product quality and brand influence [1] - YTC's "YT" brand tin ingots received the "Excellent Brand" award, while its lead-free tin-based solder, cast tin-lead solder, cathode copper, and zinc ingots were recognized as "Quality Brands" [1] - The evaluation involved 44 companies and 80 products, undergoing rigorous selection processes including expert reviews and committee approvals [1] Group 2 - YTC has established and continuously improved its quality management system, integrating quality control into every production stage to enhance innovation and management levels [2] - The company achieved a 100% pass rate for tin ingots and a 99% A-grade rate for cathode copper, indicating industry-leading performance [2] - YTC employs a comprehensive quality management approach, ensuring zinc ingots have a purity of 99.9968% and a 100% pass rate, maintaining its leading position in the industry [2]

Group 1 - The company Zinc Industry Co., Ltd. (SZ 000751) announced the convening of its 17th meeting of the 11th Board of Directors on November 21, 2025, to discuss the proposal for the second extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, the company's revenue composition was 96.97% from non-ferrous metal smelting and 3.03% from non-ferrous metal trading [1] - As of the report date, the market capitalization of Zinc Industry Co., Ltd. was 6.1 billion yuan [1]

Group 1 - The core point of the article highlights a significant decrease in China's nickel wet-process intermediate imports in October 2025, with a month-on-month reduction of 39,300 tons, representing a decline of 20.62%, while year-on-year, there was an increase of 31,700 tons, or 26.52% [1] - In October 2025, the total import volume of nickel wet-process intermediate was 151,300 tons, with imports from Indonesia accounting for 133,800 tons, which is a month-on-month decrease of 17.01%, making up 88.45% of the total imports for the month [1] - From January to October 2025, the total import volume of nickel wet-process intermediate reached 1,530,400 tons, reflecting a year-on-year increase of 29.14% [1]

Core Insights - Since 2025, the global tin market has exhibited characteristics of "high volatility and long-term improvement" due to supply disruptions, demand differentiation, and macro policy adjustments [1] - Tin's strategic value continues to be highlighted as a key material in high-end manufacturing sectors such as semiconductor packaging and new energy [1] Supply Side - The global tin supply is characterized by "marginal easing but overall tightness," with the main increase coming from the resumption of tin mining in Myanmar [4] - After implementing a resumption plan, imports of tin from Myanmar to China have remained stable, alleviating some raw material shortages for smelters [4] - Domestic refined tin production is expected to see a month-on-month increase due to the recovery of large smelting plants in Yunnan, although overall production improvement may be limited due to tight supply conditions [4] Demand Side - There is a clear differentiation in demand, with "traditional weakness and emerging strength" [6] - Traditional consumption areas are under pressure, with domestic mobile phone shipments declining slightly from January to August, leading to low inventory replenishment intentions among soldering material companies [6] - However, robust demand from new energy vehicles and lithium batteries is expected to maintain positive growth in overall tin demand, gradually offsetting the decline in traditional consumption [6] - Low inventory levels further strengthen price support, with global visible tin inventory at a relatively low median level [6] Macro Environment - The macro environment provides significant support for the tin market, with the Federal Reserve having cut interest rates twice this year, and market attention on potential further cuts in December [6] - The consensus reached in China-US trade negotiations has alleviated uncertainties arising from global trade friction [6] - A joint plan from eight departments in China has identified tin as a key strategic resource for support, with ongoing policy benefits being released [6] Market Outlook - The current tin market is in a phase of "supply tightness improvement, demand structure upgrade, and favorable macro environment" [6] - In the short term, the supply tightness from Myanmar's resumption and traditional demand weakness will create a tug-of-war, with tin prices expected to fluctuate between 270,000 to 310,000 yuan per ton [6] - Key factors to monitor include the progress of Myanmar's resumption, actual downstream consumption, and changes in domestic and international macro policies [6]

Core Viewpoint - Recently, Honghe Huirui Botu Mining Co., Ltd. was established with a registered capital of 3 million RMB, indicating a new player in the mining industry focusing on various metal and non-metal resources [1] Company Summary - The legal representative of the newly established company is Li Huarong [1] - The registered capital of the company is 3 million RMB [1] - The company’s business scope includes sales of metal ores, non-metallic minerals and products, mineral processing, and various metal processing services [1] - The company is authorized to engage in non-coal mining resource extraction and coal mining, subject to approval from relevant authorities [1] Industry Summary - The company operates in the mining sector, specifically focusing on both metallic and non-metallic resources [1] - The range of activities includes the sale and processing of various metals, including rare earth metals and precious metals, which are critical in various industrial applications [1] - The establishment of this company reflects ongoing developments and potential growth within the mining industry in the region [1]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The performance of NVIDIA is expected to drive a rebound in technology stocks, and the market may rebound due to the influence of US stocks and brokerage mergers [18][23]. - The risk appetite in the bond market has recovered, and the bond market remains weakly stable, but caution is needed regarding potential short - term trading opportunities [24][25]. - For various commodities, different trends are presented. For example, protein meal prices are gradually falling due to supply pressure, while sugar prices are expected to be range - bound both internationally and domestically [28][35]. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: NVIDIA's strong performance may drive a rebound in technology stocks. The market showed support on Wednesday, with significant sector differentiation. The strategy is to go long on dips in the short - term, conduct IM/IC 2512 long + ETF short cash - and - carry arbitrage, and use bull spreads on dips [18][21][23]. - **Treasury Futures**: The risk appetite has recovered, and the bond market is weakly stable. The strategy is to stay on the sidelines for single - side trading, take profit on previous (TL - 3T) positions, and try to go long on the T - contract current - quarter to next - quarter inter - delivery spread [24][25][27]. Agricultural Products - **Protein Meal**: Supply pressure is evident, and the price is gradually falling. In the US, soybean export sales are expected to be within a certain range, and Brazil's soybean production is expected to be high. The domestic supply pressure is large, and the price is expected to be supported, while rapeseed meal is expected to fluctuate [28][29][30]. - **Sugar**: International sugar prices are oscillating lower, and domestic sugar prices are oscillating. Globally, there will be a supply surplus in the 2025/26 season. In the short - term, international sugar prices may oscillate slightly stronger, and domestic sugar prices are expected to be range - bound. The strategy is to go long on dips for single - side trading, stay on the sidelines for arbitrage, and sell out - of - the - money put options [31][34][35]. - **Oilseeds and Oils**: The oscillating market continues. External factors have led to short - term price fluctuations, and different oils have different supply - demand situations. The strategy is to go long on dips or conduct high - selling and low - buying band operations for single - side trading, and stay on the sidelines for arbitrage and options [36][37][39]. - **Corn/Corn Starch**: Spot prices are starting to correct, and the futures price is falling. The US corn futures are expected to be strongly oscillating in the short - term, while domestic corn prices in the Northeast are falling, and those in the North China are relatively strong. The strategy is to go long on dips for the outer - market December corn, short on rallies for the January corn, wait for corrections for the May and July corn, and conduct spread - narrowing operations for the January corn - starch spread [40][41][43]. - **Hogs**: The slaughter pressure persists, and the spot price is oscillating. The overall supply pressure remains, and the strategy is to stay on the sidelines for single - side trading, arbitrage, and sell wide - straddle strategies for options [44][45][46]. - **Peanuts**: The spot price is weak, and peanuts are oscillating at the bottom in the short - term. The price is affected by factors such as supply, demand, and quality. The strategy is to short on rallies for the January peanuts, go long on dips for the May peanuts with a stop - loss at 7800, conduct 1 - 5 peanut reverse spreads, and sell pk601 - P - 7600 options [46][47][48]. - **Eggs**: Demand is average, and egg prices are stable with a slight decline. The supply pressure is gradually easing, but the upside space is limited. The strategy is to stay on the sidelines for single - side trading, arbitrage, and options [49][50][52]. - **Apples**: Demand is average, and fruit prices are mainly stable. The cold - storage inventory is lower than last year, and the fundamentals are relatively strong, but it is recommended to stay on the sidelines due to recent large fluctuations [53][54][55]. - **Cotton - Cotton Yarn**: The fundamental contradictions are not significant, and cotton prices are mainly oscillating. External factors and supply - demand situations at home and abroad affect the price. The strategy is to expect range - bound oscillations for US cotton and short - term oscillations for Zhengzhou cotton, and stay on the sidelines for arbitrage and options [56][57][59]. Ferrous Metals - **Steel**: Steel prices are oscillating within a range, and there is still room to reduce hot - metal production. The industry is affected by policies, costs, and demand. The strategy is to expect a weakly oscillating downward trend for single - side trading, go long on the coil - to - rebar spread on dips, and stay on the sidelines for options [62][63][64]. - **Coking Coal and Coke**: Spot prices are correcting from high levels, and the futures market is weakly operating. After short - term replenishment, the market sentiment has changed. The strategy is to expect a weakly oscillating short - term trend without chasing short positions, consider going long on dips near previous lows in the medium - term, continue to hold the coking coal 1/5 reverse spread, and stay on the sidelines for options [64][65][66]. - **Iron Ore**: A bearish approach is recommended. The supply is increasing, and the domestic demand is weakening. The strategy is to expect a high - level bearish trend for single - side trading, enter a 1/5 inter - delivery high - level reverse spread, and stay on the sidelines for options [67][68][69]. - **Ferroalloys**: Supply and demand are both weak, and prices are oscillating within a cost - supported range. Different ferroalloys have different supply - demand and cost situations. The strategy is to expect bottom - oscillating trends for single - side trading, stay on the sidelines for arbitrage, and sell out - of - the - money straddle option combinations [69][70][71]. Non - ferrous Metals - **Precious Metals**: NVIDIA boosts market sentiment, but the hawkish stance of the Federal Reserve suppresses gold and silver prices. The price is expected to oscillate at a high level in the short - term. The strategy is to hold long positions cautiously near the support level of the 18th, and stay on the sidelines for arbitrage and options [72][74][76]. - **Copper**: Short - term attention should be paid to the lower support. Supply and demand and macro - factors affect the price. The strategy is to go long on dips, pay attention to the 85000 yuan/ton support level, and stay on the sidelines for arbitrage and options [76][77][80]. - **Alumina**: Substantial production cuts have not been realized, and the price is weakly operating. The market is affected by factors such as production, supply, and long - term contracts. The strategy is to expect a short - term weak trend until the warehouse receipts are circulated, and stay on the sidelines for arbitrage and options [80][81][83]. - **Electrolytic Aluminum**: Overseas economic data are unexpectedly absent, and Shanghai aluminum moves with the sector. The macro - environment and supply - demand fundamentals affect the price. The strategy is to stay on the sidelines in the short - term, pay attention to the narrowing of the spread between East China and Central China in the spot market, and go long on Shanghai aluminum and short on LME aluminum to narrow the spread, and stay on the sidelines for options [83][84]. - **Cast Aluminum Alloy**: Aluminum alloy moves with the aluminum price. The macro - environment and supply - demand fundamentals affect the price. The strategy is to stay on the sidelines in the short - term, wait for the market sentiment to digest, and stay on the sidelines for arbitrage and options [85][86][87]. - **Zinc**: It shows a wide - range oscillation. Supply and demand and macro - factors affect the price. The strategy is to continue to hold profitable long positions, and stay on the sidelines for arbitrage and options [87][88][90]. - **Lead**: It oscillates within a range. Supply and demand and macro - factors affect the price. The strategy is to close profitable short positions and stay on the sidelines, and stay on the sidelines for arbitrage and options [90][91][94]. - **Nickel**: The cost is loosening, and the nickel price is oscillating downward. The oversupply of deliverable products and the macro - environment affect the price. The strategy is to short on rallies, stay on the sidelines for arbitrage, and sell out - of - the - money call options [94][95][96]. - **Stainless Steel**: Supply and demand are both weak, and raw materials are under pressure. The industry is affected by factors such as investment plans and carbon taxes. The strategy is to short on rallies and stay on the sidelines for arbitrage [96][97][98]. - **Industrial Silicon**: Short - term partial profits can be realized, and new strategies can involve going long on dips near the support level. The price is affected by production capacity and market demand. [98]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - For copper, although there are geopolitical head - winds, the copper price has strong support due to tight raw material supply and improved spot market after price correction. The expected operating range for SHFE copper main contract is 85,600 - 87,000 yuan/ton, and for LME copper 3M is 1,0700 - 10,920 US dollars/ton [3][4]. - For aluminum, with relatively fluctuating domestic inventories and low overseas inventories, the aluminum price has strong support. If domestic inventories can be effectively reduced, the aluminum price may strengthen after consolidation. The expected operating range for SHFE aluminum main contract is 21,450 - 21,700 yuan/ton, and for LME aluminum 3M is 2,780 - 2,840 US dollars/ton [5][6]. - For lead, due to tight domestic lead raw materials, high primary and increasing secondary smelting production, and marginal improvement in downstream demand, the domestic lead ingot social inventory is marginally increasing. The lead price is expected to be weak in the short - term [7][8]. - For zinc, with tight zinc ore during refineries' winter stockpiling, reduced zinc smelting profits, and slowdown in domestic zinc ingot social inventory accumulation, along with the impact of Fed officials' hawkish remarks, the zinc price is expected to be weak in the short - term [9][10]. - For tin, the short - term tin supply - demand is in a tight balance, and the price is expected to be strongly volatile. It is recommended to go long on dips, with the domestic main contract operating range of 285,000 - 300,000 yuan/ton and the overseas LME tin of 36,000 - 38,000 US dollars/ton [11][12]. - For nickel, due to increasing refined nickel inventory, falling ferronickel price, and expected increase in refined nickel supply, the short - term nickel price decline space is limited. It is recommended to wait and see in the short - term, and consider building long positions if the ferronickel price stabilizes and the nickel price drops enough [13][14]. - For lithium carbonate, the whole contract increased positions by 70,000 lots on Wednesday, with bulls leading the market. The demand is strong, but price increases may trigger potential disturbances. It is necessary to pay attention to price fluctuations, and focus on factors such as position structure, equity market atmosphere, and lithium - battery material and cell production scheduling [17][18]. - For alumina, with the recovery of overseas ore shipments after the rainy season and over - capacity in the smelting end, the inventory is increasing. However, as the price is close to the cost line, the short - term recommendation is to wait and see [20][21]. - For stainless steel, with the oversupply situation unchanged, weak market confidence, and sufficient imported raw materials, the stainless - steel price is expected to continue to decline [23][24]. - For cast aluminum alloy, with cost support and average demand, the short - term price is expected to follow the aluminum price [26]. Group 3: Summary by Related Catalogs Copper - **Market Information**: Overnight US stocks stabilized, copper prices rebounded. LME copper 3M contract rose 0.98% to 10,802 US dollars/ton, SHFE copper main contract reached 86,190 yuan/ton. LME copper inventory increased by 17,375 to 157,875 tons, mainly from Asian warehouses. Domestic SHFE warehouse receipts decreased by 0.3 to 58,000 tons, and the spot premium in Shanghai increased. The domestic copper spot import loss shrank to about 300 yuan/ton, and the refined - scrap spread widened [3]. - **Strategy Viewpoint**: The US government reopened, but there are geopolitical head - winds. The copper raw material supply is tight, and the spot market has improved after the price correction. The expected operating range for SHFE copper main contract is 85,600 - 87,000 yuan/ton, and for LME copper 3M is 1,0700 - 10,920 US dollars/ton [3][4]. Aluminum - **Market Information**: Aluminum prices stabilized and rebounded. LME aluminum rose 0.9% to 2,814 US dollars/ton, SHFE aluminum main contract reached 21,530 yuan/ton. SHFE aluminum weighted contract positions decreased by 1.2 to 668,000 lots, and the futures warehouse receipts remained unchanged at 69,000 tons. Domestic three - place aluminum ingot and aluminum rod inventories decreased, and the aluminum rod processing fee declined. The spot in the East China electrolytic aluminum market was at a discount to the futures, and the trading improved. LME aluminum inventory decreased by 0.2 to 546,000 tons [5]. - **Strategy Viewpoint**: Domestic aluminum ingot inventories are relatively fluctuating, and overseas inventories are low. If domestic inventories can be effectively reduced, the aluminum price may strengthen after consolidation. The expected operating range for SHFE aluminum main contract is 21,450 - 21,700 yuan/ton, and for LME aluminum 3M is 2,780 - 2,840 US dollars/ton [5][6]. Lead - **Market Information**: On Wednesday, the SHFE lead index rose 0.12% to 17,248 yuan/ton. LME lead 3S fell 4.5 to 2,026 US dollars/ton. The SMM1 lead ingot average price was 17,100 yuan/ton, and the refined - scrap spread was 25 yuan/ton. The SHFE lead ingot futures inventory was 31,200 tons, and the domestic social inventory decreased slightly to 40,400 tons [7]. - **Strategy Viewpoint**: Lead ore and waste battery inventories increased slightly, but the lead raw materials are still tight. The primary and secondary smelting profits are good, and the downstream demand has improved marginally. The domestic lead ingot social inventory is marginally increasing. The lead price is expected to be weak in the short - term [7][8]. Zinc - **Market Information**: On Wednesday, the SHFE zinc index rose 0.49% to 22,437 yuan/ton. LME zinc 3S rose 13 to 2,986.5 US dollars/ton. The SMM0 zinc ingot average price was 22,420 yuan/ton. The SHFE zinc ingot futures inventory was 75,300 tons, and the domestic social inventory decreased slightly to 156,600 tons [9]. - **Strategy Viewpoint**: Zinc ore inventory increased slightly, but it is still tight during refineries' winter stockpiling. Zinc smelting profits are damaged, and the zinc ingot supply is marginally decreasing. The downstream operating rate is stable, and the domestic zinc ingot social inventory accumulation has slowed down. The LME zinc spread is marginally decreasing. The zinc price is expected to be weak in the short - term [9][10]. Tin - **Market Information**: On November 19, 2025, the SHFE tin main contract closed at 293,370 yuan/ton, up 1.55%. The 40% tin concentrate in Yunnan was reported at 279,500 yuan/ton, up 2,100 yuan/ton. The tin smelting plants' operating rates in Yunnan and Jiangxi provinces have recovered but are still at a low level due to tight tin ore supply. Although the mining license in Myanmar's Wa State has been approved, the tin ore export is still far below the normal level [11]. - **Strategy Viewpoint**: The short - term tin supply - demand is in a tight balance, and the price is expected to be strongly volatile. It is recommended to go long on dips, with the domestic main contract operating range of 285,000 - 300,000 yuan/ton and the overseas LME tin of 36,000 - 38,000 US dollars/ton [11][12]. Nickel - **Market Information**: On Wednesday, the nickel price rebounded slightly. The SHFE nickel main contract closed at 115,650 yuan/ton, up 0.71%. The spot premiums of various brands were stable. The ferronickel price has been falling rapidly since November [13]. - **Strategy Viewpoint**: Due to increasing refined nickel inventory, falling ferronickel price, and expected increase in refined nickel supply, the short - term nickel price decline space is limited. It is recommended to wait and see in the short - term, and consider building long positions if the ferronickel price stabilizes and the nickel price drops enough. The short - term operating range for SHFE nickel main contract is 115,000 - 120,000 yuan/ton, and for LME nickel 3M is 14,500 - 15,000 US dollars/ton [13][14][15]. Lithium Carbonate - **Market Information**: The Wuganglian lithium carbonate spot index (MMLC) closed at 97,343 yuan, up 3.73%. The LC2601 contract closed at 99,300 yuan, up 6.18% [17]. - **Strategy Viewpoint**: The whole contract increased positions by 70,000 lots on Wednesday, with bulls leading the market. The demand is strong, but price increases may trigger potential disturbances. It is necessary to pay attention to price fluctuations, and focus on factors such as position structure, equity market atmosphere, and lithium - battery material and cell production scheduling [17][18]. Alumina - **Market Information**: On November 19, 2025, the alumina index fell 1.39% to 2,764 yuan/ton. The Shandong spot price was 2,780 yuan/ton, with a premium of 67 yuan/ton over the 12 - contract. The overseas MYSTEEL Australia FOB price fell 1 US dollar/ton to 319 US dollars/ton, and the import loss was 33 yuan/ton. The futures warehouse receipts were 255,800 tons, an increase of 300 tons [20]. - **Strategy Viewpoint**: Overseas ore shipments are expected to recover after the rainy season, and the alumina smelting end has over - capacity. However, as the price is close to the cost line, the short - term recommendation is to wait and see. The domestic main contract AO2601 operating range is 2,600 - 2,900 yuan/ton, and it is necessary to focus on supply - side policies, Guinea's ore policy, and the Fed's monetary policy [20][21]. Stainless Steel - **Market Information**: On Wednesday, the stainless - steel main contract closed at 12,335 yuan/ton, down 0.24%. The spot prices in Foshan and Wuxi markets had different changes. The raw material prices such as ferronickel and high - carbon ferrochrome decreased. The futures inventory decreased by 1,726 to 70,365 tons, and the social inventory increased to 1,070,600 tons [23]. - **Strategy Viewpoint**: The oversupply situation remains unchanged, market confidence is weak, and the cost support is insufficient. The stainless - steel price is expected to continue to decline [23][24]. Cast Aluminum Alloy - **Market Information**: The cast aluminum alloy price stabilized. The main AD2601 contract rose 0.36% to 20,820 yuan/ton. The weighted contract positions decreased to 24,600 lots, and the trading volume was 5,100 lots. The domestic three - place aluminum alloy ingot inventory decreased by 0.02 to 51,500 tons [26]. - **Strategy Viewpoint**: With cost support and average demand, the short - term price is expected to follow the aluminum price [26].