Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The aluminum price has reached a new high and is expected to remain strong in the short term. However, due to insufficient spot demand, it may face certain pressure in the medium term. The market should focus on whether Shanghai aluminum fluctuates with copper prices and the situation of spot demand [3][4] 3. Summary by Relevant Catalog Market Environment - The U.S. core PCE price index was lower than expected, strengthening the expectation of the Federal Reserve's interest rate cut. The information from the Politburo meeting was released, and the annual economic work conference is expected to be held soon. China's export data in November significantly exceeded expectations. The market sentiment was boosted, and non - ferrous metals rose across the board [3] Aluminum Market Performance - **Price**: Shanghai aluminum closed at 22,275, and the spot price was 21,920, with a spot - to - futures discount of - 355 points. The discount of Shanghai aluminum expanded to - 100 yuan this week. LME aluminum was trading around 2,912 dollars, and the LME spot discount slightly expanded to - 29 dollars [3][4] - **Inventory**: The domestic electrolytic aluminum social inventory decreased, the alumina inventory decreased, and the SHFE aluminum inventory increased slightly. The LME inventory was stable [3] - **Demand**: Domestic spot demand improved, while overseas spot demand was poor [3] - **Exchange Rate and Ratio**: The RMB exchange rate was stable this week, and the Shanghai - London ratio of aluminum prices significantly rose to 7.73, indicating that the domestic market was stronger than the overseas market [3] Technical Analysis - Shanghai aluminum showed a strong technical form. Its trading volume increased while the open interest decreased, indicating intensified market sentiment divergence [4] Future Outlook - In the short term, the aluminum price will continue to be strong due to positive factors such as strong expectations of China's incremental policies and improved prospects of the Federal Reserve's interest rate cut. But in the medium term, it may face pressure due to insufficient spot demand [4]