能源暴涨带动，铝价震荡偏强

Report Industry Investment Rating - Not provided in the given content Core View of the Report - Energy factors drive up aluminum prices, with short - term prices likely to be volatile and strong, and medium - term prices to follow the trends of related commodities and spot demand [3][4] Summary by Related Data Market Situation - The US, Israel and Iran had intense exchanges of fire, causing drastic market sentiment fluctuations, a sharp rise in the US dollar, and a sharp fall in the RMB. The Hormuz Strait was substantially closed, leading to limit - up in shipping indexes and crude oil, and most chemicals soared. Silver and gold both reached new highs since February, and non - ferrous metals rose across the board, with aluminum leading the gains [3] - Today, LME aluminum, SHFE aluminum, and domestic spot aluminum prices all rose. The SHFE aluminum closed at 24,465, and the spot price was 23,620, with the spot at a discount of - 845 points to the futures. This week, SHFE aluminum rose sharply, and the spot discount widened to - 170 yuan. Spot trading improved slightly today [3] Inventory and Demand - This week, the domestic social inventory of electrolytic aluminum and alumina inventory increased significantly. The SHFE aluminum inventory increased substantially, and spot trading improved. LME inventory decreased slightly, with an LME spot discount of - 12 US dollars, indicating some improvement in overseas spot demand [3] Technical and Market Sentiment - Technically, US crude oil soared, and LME aluminum rose significantly, trading around 3,222 US dollars. SHFE aluminum rose sharply in the afternoon and closed at 24,465, with a strong technical pattern. The trading volume and open interest of SHFE aluminum both increased, and market sentiment was strong [4] Exchange Rate and Price Ratio - This week, the RMB exchange rate rose significantly, and the SHFE - LME ratio of aluminum prices dropped to 7.54, with the internal and external markets showing generally consistent trends [3] Aluminum Market Indicator Monitoring | Date | LME Aluminum - Futures - Spot Price Difference | Main Contract SHFE - LME Ratio | RMB Exchange Rate | Spot Premium/Discount | | ---- | ---- | ---- | ---- | ---- | | Feb 24 | 6.8912 | - 160 | - 24 | 7.66 | | Feb 25 | 6.8543 | - 200 | - 27 | 7.59 | | Feb 26 | 6.8444 | - 170 | - 20 | 7.61 | | Feb 27 | 6.8610 | - 170 | - 13 | 7.58 | | Mar 2 | 6.8797 | - 170 | - 12 | 7.54 | [5]