The US economy is strong, the Federal Reserve's interest rate cut forecast time is delayed again, Europe and the United States sanctions Russian metals, and the international geopolitical conflict continues to bring uncertainty to the market. The stock of domestic social finance increased, the policy side continued to release positive signals, and the overall macro sentiment was still more favorable. Mine end supply is still tight, alumina production due to safety and environmental protection reasons in the early production of 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, is expected in the second quarter of electrolytic aluminum smelting capacity will be significantly increased, the actual supply end by the upstream volume and price restrictions on the impact of the 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, domestic and foreign export orders have increased, and inventories at home and abroad have gone to storage. In the early stage of the rapid rise in aluminum prices, the downstream fear of high procurement sentiment is strong, and with the aluminum price correction, the downstream acceptance of electrolytic aluminum prices has become stronger, and rigid production orders have gradually entered the market. Domestic electrolytic aluminum production capacity is close to the ceiling and upstream raw material volume price limit, the actual domestic supply increment is relatively limited, domestic and overseas demand consumption has significantly increased, high price aluminum or become normal, the price is driven by the cost of the center of gravity shift, the overall trend remains bullish.