The previous trading day, the main contract of Shanghai aluminum closed at 20,280 yuan/ton, up. The US GDP in the first quarter is lower than expected, the interest rate cut is expected to weaken, the US dollar index is strong, and the macro sentiment is under pressure. From the basic point of view, the supply of mine is still tight, the production of alumina production due to safety and environmental protection reasons in the early production rhythm is difficult to meet expectations, Yunnan Shenhuo plans to resume production of electrolytic aluminum production capacity of 900,000 tons, giving the market a strong supply signal, it is expected that the second quarter of electrolytic aluminum smelting capacity will increase significantly, the actual supply side is affected by upstream volume and price restrictions visible increase is relatively limited. The demand side has been significantly repaired in the peak season, traditional consumption has been dragged down but emerging consumption has supported strong demand, the growth of domestic and foreign export orders, inventory at home and abroad to the inventory, aluminum price shock center moved up, reference to the shock range 19500-22000, macro sentiment weakened, the fundamental supply and demand increased, short-term prices to maintain a high range.