On the last trading day, SMM aluminum spot price reported 20110 yuan/ton, down 160 yuan/ton compared to the previous value. Futures, aluminum prices yesterday morning shock operation, slightly higher. In terms of overseas macro, affected by the lack of new gains in the US dollar and the strength of some non-US currencies, the pressure on the US dollar index continued to rise, focusing on changes in market interest rate cut expectations. Domestically, the economic data in the first quarter are mixed, and the policy is still expected to have room for additional code. On the supply side, the resumption of production in Yunnan is generally smooth, but the capacity ceiling still exists, and the supply increment is limited. On the demand side, the replacement of old and new consumer goods has been repeatedly emphasized, the superimposed consumption season, the downstream construction performance is good, and the potential demand continues. Inventory, the recent decline again, the downward trend is expected to continue, low inventory structure to maintain. On the whole, in the short term, the new interest has weakened, and the high price of aluminum has fluctuated. However, the constraints on the supply side are still clear, the demand is good, and the medium-term upward trend has not changed.