品种 开盘价 最高价 最低价 收盘价 LME铝 2749.0 2807.5 2746.0 2782.5 1.13% 【铝市场消息速递】 北京时间10月10日，伦敦金属交易所(LME)铝期货价格高位弱势震荡，今日开盘报2786美元/吨，现报 每吨2778.5美元/吨，跌幅0.14%，盘中最高触及2788美元/吨，最低下探2777.5美元/吨。 更新时间： LME铝期货行情回顾： 10月9日伦敦金属交易所(LME)铝期货行情 10月9日，上期所铝期货仓单58894吨，环比上个交易日减少227吨。 10月9日，电解铝现货沪伦比值为7.56，进口盈亏：-2375.01元/吨，上一交易日进口盈亏：-1686.9元/ 吨。 10月9日，伦敦金属交易所（LME）：铝注册仓单403475吨。注销仓单105125吨，减少2500吨。铝库存 508600吨，增加2200吨。 ...

Group 1 - The core viewpoint of the news is that LME aluminum futures prices are experiencing a strong fluctuation, with a current price of $2661.5 per ton, reflecting a 0.47% increase from the opening price [1] - On September 26, LME aluminum futures opened at $2660.5 per ton, reached a high of $2668.0, and closed at $2649.0, showing a decrease of 0.56% [2] - The aluminum market shows a current import loss of -1615.91 yuan per ton, compared to -1483.82 yuan per ton on the previous trading day [2] Group 2 - As of September 26, LME registered aluminum warehouse receipts totaled 412,775 tons, with canceled receipts decreasing by 3,150 tons [2] - The total aluminum inventory at LME increased by 1,775 tons, reaching 517,700 tons [2] - The Shanghai Futures Exchange (SHFE) aluminum warehouse receipts stood at 63,230 tons, reflecting a decrease of 1,178 tons from the previous trading day [2]

更新时间： 北京时间9月23日，伦敦金属交易所(LME)铝期货价格弱势震荡，今日开盘报2652.5美元/吨，现报每吨 2646美元/吨，跌幅0.34%，盘中最高触及2657.5美元/吨，最低下探2643美元/吨。 LME铝期货行情回顾： 9月22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 9月22日，上期所铝期货仓单70761吨，环比上个交易日减少1198吨。 【铝市场消息速递】 9月22日，电解铝现货沪伦比值为7.74，进口盈亏：-1783.63元/吨，上一交易日进口盈亏：-1850.55元/ 吨。 9月22日，伦敦金属交易所（LME）：铝注册仓单404675吨。注销仓单109225吨，持平。铝库存513900 吨，持平。 LME铝 2678.0 2682.5 2635.0 2655.0 -0.78% ...

Group 1 - LME aluminum futures prices are weak, opening at $2698 per ton and currently at the same price, with a decline of 0.11% [1] - The highest price during the day reached $2705 per ton, while the lowest dipped to $2689 per ton [1] Group 2 - On September 12, LME aluminum futures opened at $2676.5, peaked at $2703.5, and closed at $2701.0, reflecting a 0.82% increase [2] - In August, the production of ten non-ferrous metals was 6.98 million tons, a year-on-year increase of 3.8%, while the production from January to August totaled 54.32 million tons, up 3.1% year-on-year [2] - The production of primary aluminum (electrolytic aluminum) in August was 3.8 million tons, a year-on-year decrease of 0.5%, with a total production of 30.14 million tons from January to August, representing a 2.2% year-on-year increase [2] - As of September 12, the LME aluminum registered warehouse receipts were 375,025 tons, with canceled receipts at 110,250 tons, and total aluminum inventory at 485,275 tons, all remaining unchanged [2]

Group 1 - LME aluminum futures prices continued to rise, opening at $2676.5 per ton and currently at $2680.5 per ton, with an increase of 0.06% [1] - The highest price during the trading session reached $2681 per ton, while the lowest dipped to $2673 per ton [1] Group 2 - On September 11, LME aluminum futures opened at $2622.0, peaked at $2679.5, and closed at $2679.0, reflecting a 2.17% increase [2] - The electrolytic aluminum spot price ratio between Shanghai and London was 7.93, with an import loss of -1238.97 yuan per ton, compared to -1302.85 yuan per ton the previous trading day [2] - As of September 11, the Shanghai Futures Exchange had aluminum futures warehouse receipts totaling 65,734 tons, an increase of 797 tons from the previous trading day [2] - LME registered aluminum warehouse receipts stood at 375,025 tons, with canceled receipts at 110,250 tons, remaining unchanged; total aluminum inventory was 485,275 tons, also unchanged [2]

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].

Group 1 - LME aluminum futures prices are experiencing a weak trend, opening at $2614 per ton and currently at $2611 per ton, with a decline of 0.31% [1] - The highest price during the day reached $2619 per ton, while the lowest dipped to $2608.5 per ton [1] - On August 29, LME aluminum futures opened at $2607.5, peaked at $2622.0, and closed at $2618.5, reflecting a change of 0.40% [2] Group 2 - As of August 29, the Shanghai Futures Exchange reported aluminum warehouse receipts at 58,629 tons, an increase of 1,354 tons compared to the previous trading day [2] - The electrolytic aluminum spot price ratio between Shanghai and London was 7.93, with an import loss of -1,288.51 yuan per ton, slightly improved from -1,318.71 yuan per ton the previous day [2] - LME registered aluminum warehouse receipts totaled 468,750 tons, with canceled receipts at 12,300 tons, a decrease of 100 tons, and total aluminum inventory at 481,050 tons, also down by 100 tons [2]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - For alumina, the rising prices of alumina, domestic and imported bauxite push up production costs. The decline in domestic alumina operating capacity cannot change the loose supply - demand expectation, suggesting limited upside for alumina prices. Investors are advised to wait and watch, focusing on the support level around 2800 - 3000 and the resistance level around 3300 - 3600 [2]. - For electrolytic aluminum, the increasing expectation of the Fed's interest rate cut in September, the expected shift from the traditional domestic consumption off - season, and the low domestic electrolytic aluminum social inventory may lead to a strong upward trend in electrolytic aluminum prices. Investors are recommended to go long on the main contract with a light position on dips, paying attention to the support level around 20200 - 20400 and the resistance level around 21000 - 21500. For LME aluminum, focus on the support level around 2300 - 2500 and the resistance level around 2700 - 2800 [2]. - For aluminum alloy, the increasing expectation of the Fed's interest rate cut in September and the tight supply of scrap aluminum leading to near - loss in recycled aluminum alloy production may cause aluminum alloy prices to be cautiously strong. Investors are advised to go long on the main contract with a light position on dips or short the spread between electrolytic aluminum and aluminum alloy on rallies, focusing on the support level around 19800 - 20000 and the resistance level around 20300 - 20500 [2]. 3. Summary by Related Catalogs Market Data - **Aluminum Futures in Shanghai**: On August 26, 2025, the closing price of the active contract was 20715 yuan/ton, down 55 yuan from the previous day. The trading volume was 103054 lots, a decrease of 43106 lots, and the open interest was 251409 lots, an increase of 3066 lots. The inventory was 56274 tons, a decrease of 396 tons. The basis of Shanghai aluminum was 65 yuan/ton, an increase of 55 yuan [2]. - **Alumina Futures**: The trading volume was 421870 lots, a decrease of 33265 lots, and the inventory was 84628 tons, an increase of 1496 tons. The price difference between the near - month and the first - continuous contract of alumina was - 1, an increase of 5 [2]. - **LME Aluminum**: The closing price of the 3 - month LME aluminum futures (electronic trading) was 9837, up 40.5 from the previous day. The price difference between the 3 - 15 - month contracts of LME aluminum futures was 0, an increase of 158.98. The ratio of Shanghai - LME aluminum prices was 7.8511, a decrease of 0.021 [2]. Industry News - An aluminum production capacity green and low - carbon transformation project is expected to have a construction period of about 10 months. After completion, the company's annual electrolytic aluminum output is expected to reach about 1.4 million tons [2]. - On August 22, Anhui Weiyu Intelligent Manufacturing Co., Ltd. signed a contract with the People's Government of Shiliang Town, Tianchang City, Chuzhou City for a "200,000 - ton annual aluminum - based new material and energy storage equipment project" with a total investment of 1.5 billion yuan [2]. - Henan Siweite Welding and Repair Co., Ltd. is building a project to reconstruct an annual output of 1200 tons of aluminum wire with a total investment of 6 million yuan, currently in the publicity stage of environmental impact report approval [2]. - The energy - saving report of the Wenshan Green and Low - Carbon Casting Project of Zhongyan (Yunnan) Green Advanced Aluminum - based Materials Co., Ltd. was approved. The project covers an area of about 104 mu with an annual output of 200,000 tons of deformed aluminum and aluminum alloy cast - rolled strips [2]. - Asia - Pacific Technology's wholly - owned subsidiary, Anxinda, plans to invest 210 million yuan in a "Automobile Lightweight Aluminum Material Production Line Transformation Project". After completion, it will have an annual production capacity of 80,000 tons of aluminum alloy melting and processing [2]. Market Analysis - In the alumina market, U.S. companies are actively buying scrap aluminum due to tariff exemptions, leading to fierce competition in overseas scrap aluminum procurement. Geopolitical conflicts and illegal smuggling in Southeast Asia may cause a continuous decline in scrap aluminum exports to China until the end of 2025 or early 2026. The domestic price difference of precision aluminum is positive and decreasing month - on - month, which may lead to a decrease (increase) in China's scrap aluminum production (import) in August [2]. - In the electrolytic aluminum market, the domestic electrolytic aluminum social inventory is still at a low level, and the price trend is expected to be strong [2]. - In the aluminum alloy market, the tight supply of scrap aluminum makes the production of recycled aluminum alloy close to a loss, and the price trend is expected to be cautiously strong [2].

Group 1 - LME aluminum futures prices are experiencing weak fluctuations, opening at $2593 per ton and currently at $2586 per ton, with a decline of 0.27% [1] - On August 21, LME aluminum futures opened at $2577.0, reached a high of $2594.0, and closed at $2594.0, reflecting an increase of 0.64% [2] - As of August 21, the LME registered aluminum warehouse receipts totaled 465,475 tons, with canceled receipts at 14,050 tons, and total aluminum inventory remaining stable at 479,525 tons [2] Group 2 - The Shanghai Futures Exchange reported a decrease in aluminum warehouse receipts to 59,890 tons, down by 3,048 tons compared to the previous trading day [2] - The electrolytic aluminum spot price ratio between Shanghai and London is 8.01, with an import loss of -1,151.67 yuan per ton, slightly improved from -1,153.56 yuan per ton on the previous trading day [2]

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core View - Aluminum prices are likely to show a fluctuating trend. Recently, aluminum price fluctuations have been small, the basis has changed little, and there are limited arbitrage opportunities. It is advisable to wait and see for option contracts for the time being [6][41]. 3. Summary by Directory 3.1 Market Review - Last week, the price of the main contract AL2509 of Shanghai aluminum futures mainly showed a fluctuating market, ranging from around 20,585 yuan/ton to a maximum of about 20,850 yuan/ton [8]. - Last week, the LME aluminum futures price fluctuated, with the contract price ranging from 2,581 - 2,639 US dollars/ton [11]. 3.2 Macroeconomic Aspect - From January to July, China's macro - data weakened. The national real estate development investment was 535.8 billion yuan, a year - on - year decrease of 12.0%. The national fixed - asset investment (excluding rural households) was 2.88229 trillion yuan, a year - on - year increase of 1.6%. The US Treasury Secretary called on the Federal Reserve to start a rate - cut cycle, suggesting a reduction of at least 150 basis points from the current level and a 50 - basis - point cut in September [5][14][40]. 3.3 Spot Analysis - As of August 8, 2025, the average price of 1 electrolytic aluminum in the Yangtze River Non - ferrous Metals Market was 20,630 yuan/ton, a decrease of 80 yuan/ton from the previous trading day. The spot prices in Shanghai, Foshan, Jinan, and Wuxi were 20,600 yuan/ton, 20,880 yuan/ton, 20,640 yuan/ton, and 20,590 yuan/ton respectively. The electrolytic aluminum premium or discount was maintained at around a discount of 50 yuan/ton, an increase of 10 yuan/ton from the previous trading day [19]. 3.4 Supply and Demand Situation - As of August 14, 2025, the total domestic alumina inventory was 37,000 tons, an increase of 6,000 tons from the previous period. The monthly electrolytic aluminum output in July was 3.78 million tons, a decrease of 29,000 tons from the previous month, with a year - on - year increase of 0.6% [26]. 3.5 Inventory Situation - As of August 15, 2025, the electrolytic aluminum inventory on the Shanghai Futures Exchange was 120,653 tons, an increase of 7,039 tons from the previous week. The LME aluminum inventory was 479,550 tons, a decrease of 125 tons from the previous trading day, and the proportion of cancelled warrants was 2.94%. As of August 14, 2025, the total social inventory of electrolytic aluminum was 526,000 tons, a decrease of 0.6 tons from the previous day [32].