1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - The market digests the news of tariff mitigation and domestic policy benefits, which will drive some bargain - hunting in the market. However, the new US tariffs are in contradiction, economic data is mixed, and global demand concerns remain. With stable supply, a tail - end of the consumption peak season but still resilient demand, and the pre - May Day stocking period, the aluminum price is expected to fluctuate with a positive bias, testing the pressure at the 20,000 yuan mark [2][7] 3. Summary by Relevant Catalogs 3.1 Transaction Data - LME aluminum 3 - month price rose from 2385 yuan/ton on April 17, 2025, to 2459.5 yuan/ton on April 24, 2025, an increase of 74.5 yuan/ton. SHFE aluminum continuous - three price rose from 19565 dollars/ton to 19815 dollars/ton, an increase of 250 dollars/ton. The Shanghai - London aluminum ratio decreased from 8.2 to 8.1. LME aluminum inventory decreased from 439325 tons to 423575 tons. SHFE aluminum warehouse receipt inventory decreased from 95909 tons to 76763 tons. Aluminum ingot social inventory decreased from 68.9 tons to 65.8 tons, and domestic mainstream consumption area aluminum rod inventory decreased by 3.14 tons [3] 3.2 Market Review - The weekly average price of Yangtze River spot in the spot market was 19948 yuan/ton, an increase of 202 yuan/ton compared with last week; the weekly average price of Nanchu spot was 19904 yuan/ton, an increase of 168 yuan/ton compared with last week [4] 3.3 Market Outlook - Similar to the core view, the market digests tariff mitigation and policy benefits, but there are still concerns. Fundamentally, supply is stable, consumption is in the tail - end of the peak season with some resilience. During the pre - May Day stocking period, the aluminum price is expected to fluctuate with a positive bias [7] 3.4 Industry News - The Ministry of Ecology and Environment issued a notice on carbon emission trading market work, requiring tasks and time limits for key emission units in industries such as aluminum smelting. The US President will exempt some tariffs on automobile manufacturers, steel, and aluminum, and the Wall Street Journal reported that Chinese tariffs may drop to 50% - 65%. From January to March 2025, the national new photovoltaic installed capacity was 59.71GW, a year - on - year increase of 30.5% [8] 3.5 Related Charts - The report provides 10 charts including LME aluminum 3 - SHFE aluminum continuous - three price trends, Shanghai - London aluminum ratio, LME aluminum premium, etc., which can be used for further analysis of the aluminum market [9][10][13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report comprehensively presents the overnight market trends of domestic and international commodities, futures, and stocks, along with important macro - level news and policy updates. It also includes data on various industries such as energy, metals, agriculture, finance, real estate, and international economic indicators, reflecting the complex and dynamic nature of the global economic and financial markets. 3. Summary by Directory Overnight Market Trends - Domestic commodity futures night - session closed generally higher, with most energy and chemical products rising, but some like crude oil falling. Black - series all rose, agricultural products mostly rose, and basic metals had mixed performance. For example, soda ash rose 1.33%, and coke rose 1.82% [2][62]. - International oil prices weakened, with concerns about OPEC+ increasing production and global economic uncertainty. The US crude oil main contract fell 2.18%, and Brent crude oil main contract fell 1.97% [2]. - International precious metal futures closed with mixed results. COMEX gold futures fell 3.45%, and COMEX silver futures rose 2.01% [3]. - CBOT agricultural product futures main contracts mostly fell, except for soybeans which rose 0.53% [3]. - London basic metals mostly rose, with LME aluminum rising 2.22% [3]. Important News - **Macro News** - The Ministry of Ecology and Environment will strengthen the carbon - emission trading market, ensuring new - entrant training and cracking down on data fraud [7]. - The Chinese Foreign Ministry emphasized the need for the US to stop threats and engage in equal - footing dialogue [7]. - The US Middle - East envoy will visit Russia for Ukraine - related talks [7]. - Trump stated he had no plan to fire Fed Chairman Powell [7]. - The US Treasury Secretary reaffirmed the strong - dollar policy and called for international financial system re - balancing [8]. - US April PMI data showed mixed trends, with service PMI at a 2 - month low and manufacturing PMI at a 2 - month high [8]. - The Fed's Beige Book indicated economic uncertainty due to tariffs [12]. - Trump criticized Zelensky's remarks on Crimea as harmful to peace talks [13]. - Congo (Kinshasa) and the rebel group "M23 Movement" expressed hope for a cease - fire [14]. - **Energy and Chemical Futures** - UAE's Fujairah port's refined - oil inventory decreased to a four - week low, with different trends for light, medium, and heavy fractions [16]. - China's methanol port inventory decreased, with both East and South China regions de - stocking [16]. - Japan's commercial crude - oil inventory decreased, while gasoline inventory increased [16]. - Some OPEC+ members may propose accelerating oil production in June [19]. - US EIA data showed a decrease in crude - oil exports and production, and an increase in commercial inventory [19]. - Kazakhstan may prioritize national interests over OPEC+ in oil - production decisions [19]. - **Metal Futures** - The Shanghai Gold Exchange adjusted margin levels and price - limit ranges for gold and silver contracts [21]. - Peru's Antamina copper mine had an accident, leading to a full - scale shutdown for safety and investigation [21]. - The passenger - car market in China showed growth in April 1 - 20 sales compared to last year but a decline compared to last month [21]. - The Shanghai Futures Exchange adjusted the trading fees for the AU2506 gold - futures contract [24]. - **Black - series Futures** - In March 2025, global crude - steel production increased by 2.9% year - on - year, with China, India, and the US showing different trends [26]. - In mid - April, the social inventory of 5 major steel products in 21 cities decreased by 5.6% month - on - month [26]. - **Agricultural Product Futures** - India's palm - oil imports are expected to increase from May to September [28]. - Corn - starch enterprise inventory increased slightly, with a 0.29% weekly increase [28]. - China's pig prices rose 0.7% in the third week of April after 10 weeks of decline [28]. - Argentina's soybean harvest may accelerate due to dry conditions, with an expected yield of 4860 tons [31]. - Brazil's April soybean export forecast was adjusted down to 1430 tons, while the soybean - meal export forecast remained unchanged [32]. - The expected US soybean export net sales for 2024/25 and 2025/26 were estimated [33]. Financial Market - **Finance** - By the end of Q1, 162 public - fund institutions managed a total of 31.05 trillion yuan, with the top 10 fund companies named. The number of active - equity fund managers with over 100 million yuan in management decreased [35]. - In Q1 2024, public funds had a profit of 2528.54 billion yuan, a more than 10 - fold increase year - on - year [35]. - Shandong Feiyin Payment Information Technology Co., Ltd. cancelled its payment license, and the number of licensed payment institutions decreased to 170 [35]. - **Real Estate** - Xiamen optimized its housing - expropriation compensation policy, allowing house - tickets for second - hand housing and offering a 5% bonus for new - house purchases within 6 months [38]. - Qingdao released its 2025 housing - development plan, covering multiple aspects such as housing supply and renovation [38]. - Zhengzhou proposed to adjust the upper - age limit for housing - provident - fund loans [38]. - **Industry** - In Q1, domestic tourism had a 26.4% increase in trips and an 18.6% increase in spending [39]. - The National Robotics Standardization Technical Committee and the International Starlink Alliance signed a cooperation agreement for robot standardization [39]. - India imposed a 5 - year anti - dumping tax on Chinese aniline [40]. - **Overseas** - The Fed's Beige Book showed little economic change but high trade - policy uncertainty [41]. - The US President may exempt some tariffs for automakers and steel and aluminum [44]. - The US State Department will implement a restructuring plan, cutting 15% of domestic staff and closing 132 offices [44]. - In February, EU exports to the US increased by 22.4%, and imports from the US increased by 2.4% [44]. - The IMF predicted that tariff hikes would increase global public - debt - to - GDP ratio [44]. - April PMI data for various countries showed different economic trends, with India having high - growth PMIs [45]. - **International Stock Market** - Chinese concept stocks generally rose, with the Nasdaq Golden Dragon China Index rising 2.93% [52]. - Apple and Meta were fined 500 million euros and 200 million euros respectively by the EU [53]. - Musk will focus more on Tesla in May [54]. - Intel may cut over 20% of its staff and participated in the Shanghai Auto Show [57]. - Many companies released their financial reports, with different profit and revenue performances [57]. - **Commodities** - Similar to the overnight market trends, domestic commodity futures had mixed results, and there were policy and event updates such as copper - mine accidents and OPEC+ production - increase discussions [62]. - **Bonds** - Treasury - bond futures fell, and bond yields generally rose. The inter - bank market had loose funds [72]. - Some bonds will be fully redeemed, and some companies had negative credit events [72]. - **Foreign Exchange** - The on - shore RMB against the US dollar rose 190 basis points at 16:30 on Wednesday, and the central parity rate was depreciated by 42 basis points [73].