32/5000 Alumina main contract firm 5000 yuan/ton industry: spot prices have hit a new high of nearly 10 years

On October 28th, the main contract aluminum oxide futures AO2411 opened at 5034 yuan per ton before quickly breaking through the 5100 yuan per ton threshold and setting a new high since its listing.
For the reasons behind the price rise, an industry analyst told Daily Economic News reporter that the recent surge in aluminum oxide spot prices was driven by multiple positive factors, and the current main contract price also aligns with market expectations after the spot price hit a nearly 10-year high.
Information from Aizhe Consulting shows that the current aluminum oxide price surge has had an impact on aluminum companies' profits, but the high aluminum price has also kept the historical mid-to-high range of profit per ton of aluminum at over 2000 yuan. However, some aluminum electrolysis listed companies told reporters that if aluminum oxide prices remain high, their performance may be under pressure.
It is worth noting that since 2024, including China Aluminum, Shenhuashang, and Nanshan Aluminum, a number of A-share aluminum industry listed companies have all shown a good upward trend in their stock prices in the ongoing high aluminum oxide and aluminum electrolysis market environment.
From the October 26th trend, since the spot price broke through the 5000 yuan per ton threshold on October 22nd, the domestic futures market's aluminum oxide main contract AO2411 price has recently stabilized above 5100 yuan per ton.
Notably, the current main contract price of aluminum oxide, which has been officially listed on the Shanghai Futures Exchange since June 2023, is close to doubling.
From the industry's position, aluminum oxide is located at the upstream of the aluminum industry chain and is the main raw material for producing aluminum, a widely used non-ferrous metal material. In recent years, with the development of the aluminum industry, China has become the world's largest producer and consumer of aluminum oxide, with a huge industrial scale and many market players, frequent price fluctuations, and a strong demand for risk management tools.

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