The preliminary PMI data in the United States fell back to the contraction range, the optimistic market expectations were revised, the Federal Reserve put hawks, interest rate hikes are still possible within the year, Europe or cut interest rates, and Russian aluminum sanctions have a greater impact on overseas aluminum market sentiment. Positive domestic policy sentiment continued to be released, continuing to improve the trend. At present, electrolytic aluminum production remains high, Yunnan continues to release the resumption of production capacity, some local areas are dry, the resumption of production rhythm or wait for the rainy season to speed up, the demand side continues to repair, aluminum rod, aluminum plate and foil enterprises operating rate is high, traditional consumption is still weak, new energy plate support demand, export consumption boost, near the holiday some manufacturers stock up. Aluminum rod, aluminum ingot inventory to the turning point. Russian aluminum sanctions led to the rapid rise of LME aluminum, overseas prices are strong, and domestic aluminum prices are easy to rise and difficult to fall. At present, domestic supply is stable, demand continues to repair, export consumption boosts, inventory to support consumption expectations, on the whole, the aluminum price shock center moved up, in the short term due to the impact of macro factors change or shock between 19500-21000, the trend remains bullish.