The United States CPI data in March exceeded expectations, the Federal Reserve's attitude is eagle, the market still has confidence in interest rate cuts within the year, overseas macro sentiment has not been significantly affected, Russian aluminum sanctions or re-trigger market supply panic, supporting the market aluminum prices, domestic for automobiles, industrial consumption are favorable policy signals released, domestic macro continuation is more. Domestic electrolytic aluminum operation capacity continues to rise, Yunnan region water level supplement situation is good, the supply side remains relatively stable, aluminum ingot import profit window is closed, follow-up import supplement is relatively limited, bonded inventory maintained growth trend, downstream enterprises due to high aluminum prices inhibit construction, enterprises to reduce the number of orders, raw material prices are afraid of high sentiment, Demand in the peak season marginal repair but the extent is limited, Lun aluminum inventory to inventory, domestic exchange inventory accumulation, social inventory to inventory, aluminum rod spot inventory accumulation. Overall, aluminum prices break through the above pressure trend is stronger, the current plate is guided by macro sentiment more than the fundamental impact, overseas consumption recovery has optimistic expectations, Russian aluminum sanctions triggered a global market supply panic, high aluminum prices or become the normal market, the downstream acceptance of rising prices still need time to digest, the overall judgment that the aluminum price trend is bullish, the short-term pullback does not break still have upward momentum.