以下文章来源于教你挖掘基 ，作者挖掘基 教你挖掘基 . 投资理财有方法，我们手把手教你挖掘牛基~ 2025年的春天，全球资本市场在特朗普政府的"关税风暴"中剧烈颠簸。 全球股市曾在单周蒸发10万亿美元、黄金一度冲上3500美元/盎司……市场用脚投票，诠释了何为"不确定性定 价"。 今日凌晨，全球投资者的目光再度聚焦中美对话的瑞士日内瓦。 午后3点，《中美日内瓦经贸会谈联合 声明》超预期出炉，关税冲突首次出现了重大缓和信号。 来源：新华社、中国政府网 当关税疑云终于迈出了实质性进展，大类资产将如何重新定价？ 历史不会简单重复，但资产配置的底层逻辑始终如一： 在周期的波动中寻找确定性，用分散化应对不 可预测的冲击。 01 本轮关税冲突全复盘 ——大国博弈之下的"跌宕起伏" 要理解此刻的变局，需回溯这场关税战的完整脉络。 这场始于2025年2月的较量，本质上是两个超级大国对于全球产业链话语权的终极角逐。 回顾自特朗普1月20日正式上任以来关税政策，大致可以划分为三个阶段。 第一阶段（2-3月）：威胁与试探 特朗普政府率先发难，波及的国家有我国、加拿大和墨西哥。同时，针对特殊行业如钢铁和铝，特朗普 方也单独制定了相关 ...

Core Viewpoint - The financial regulatory bureau of Tai'an has established a financing coordination mechanism for small and micro enterprises, enhancing their access to financial services and supporting their high-quality development [1][7]. Group 1: Financial Ecosystem Development - The Tai'an financial regulatory bureau has created a collaborative financial ecosystem involving government, banks, and enterprises to boost the development of small and micro enterprises [1][7]. - A "direct connection" mechanism has been established to facilitate communication between banks and enterprises, with a focus on understanding and meeting the financing needs of small businesses [2]. Group 2: Loan Distribution and Efficiency - As of the end of March, banks in Tai'an have issued online loans totaling 6.5 billion yuan to 8,268 small and micro enterprises, with over 90% of loans from the Industrial and Commercial Bank of China being processed online [2]. - A total of 415 billion yuan in loans has been distributed to 28,000 enterprises, with 11,454 enterprises receiving loans in less than three working days, demonstrating improved loan processing efficiency [2]. Group 3: Financial Support Mechanisms - The implementation of the "Notice on the Duty of Care Exemption for Inclusive Credit" has led to the recognition of 3.451 million yuan in duty exemptions and 11.338 million yuan in duty reductions for loans, benefiting 2,696 individuals [3]. - The financial regulatory bureau has also promoted tax cooperation, resulting in a 19.64% increase in tax-interactive loans since the beginning of the year [3]. Group 4: Case Studies of Successful Financing - A food company in Tai'an successfully secured 26.87 million yuan in financing through accounts receivable pledges, highlighting the proactive approach of local banks in addressing the financing needs of enterprises [4]. - A fruit and vegetable company received 3 million yuan in loans within three days without the need for collateral, showcasing the effectiveness of tailored financial solutions [5]. Group 5: Innovation and Technology Integration - The financing coordination mechanism prioritizes support for technology-driven small and micro enterprises, with successful loan approvals for high-tech companies demonstrating the integration of financial services and innovation [6]. - The collaboration between financial institutions and research institutes has facilitated the development of specialized financial products, enhancing the financial support available to innovative enterprises [6].

晨报 铝锭 成文时间： 2025 年 5 月 12 日 成材：重心下移 偏弱运行 铝锭：宏观情绪支撑 关注消费和库存验证 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 证监许可【2011】1452 号 逻辑:上周铝价偏强震荡，运行重心小幅上移。上周会议结束后首批发 ...

Report Industry Investment Rating No relevant content found. Core Viewpoints - The aluminum market is expected to fluctuate within a wide range, with the Shanghai Aluminum 2506 contract likely to remain around the 20,000 level in the short term. The market anticipates that the US may choose to ease policies and tariff confrontation with China before the US debt matures in June, which will limit the downside of aluminum prices. However, the transmission of domestic favorable policies takes time, and the market has strong expectations of weakening demand due to the change of seasons, the end of PV rush installation, and the decline in export orders, which will reduce the upward momentum of aluminum prices [5][13]. - The supply of bauxite is expected to increase in May, and the market may achieve a re - balance of supply and demand after July, with the price center expected to stabilize in the range of $70 - 75 per dry ton. The alumina market has a shortage due to maintenance, and the spot supply is tight, with a possible increase in spot prices in the future. The global primary aluminum production growth rate is only 1.9%, and the import of electrolytic aluminum has a theoretical loss, but the export volume is expected to gradually recover [10]. - The operating rates of different downstream aluminum processing sectors show a differentiated pattern. The overall operating rate of downstream processing enterprises is expected to rise slightly next week. The inventory of aluminum ingots may continue to rise in May, while the destocking speed of aluminum rods has significantly narrowed [12][25][26]. Summary by Relevant Catalogs Mid - term Market Analysis - The aluminum price is expected to fluctuate in the range of 19,000 - 21,000. The Shanghai Aluminum 2506 contract may have a slight rebound next week and generally remain around the 20,000 level [5]. Variety Trading Strategy - Last week's strategy: It was expected that Shanghai Aluminum would remain around the 20,000 level, and it was recommended to wait and see [7]. - This week's strategy: It is expected to continue to consolidate around the 20,000 level. The Shanghai Aluminum 2506 contract is temporarily seen in the range of 19,500 - 20,000, and it is advisable to wait and see or conduct short - band trading [8]. - Hedging suggestions for spot enterprises: It is advisable to purchase and stock up as needed [9]. Overall Viewpoint Bauxite Market - The supply of domestic bauxite has slightly improved compared with the previous period, and the overall supply of imported bauxite can basically meet the downstream demand. The bauxite supply is expected to continue to increase in May, and the market may achieve supply - demand re - balance after July, with the price center stabilizing at $70 - 75 per dry ton [10]. Alumina Market - As of May 8, the built - in alumina production capacity in China was 110.6 million tons, the operating capacity was 86.55 million tons, and the operating rate was 78.25%. Due to maintenance and production cuts of alumina enterprises, the market spot supply is tight, and there may be a rise in spot prices [10]. Production of Electrolytic Aluminum - The theoretical operating capacity of the electrolytic aluminum industry this week was 43.835 million tons, remaining stable compared with last week. The global primary aluminum production growth rate is only 1.9% [10]. Import and Export - The theoretical loss of electrolytic aluminum imports is about 1,500 yuan per ton, showing a slight expansion in the past two weeks. The export volume in May is expected to decline month - on - month, but it is expected to gradually recover through supply chain reconstruction and tariff cost sharing mechanisms [10]. Demand - The operating rates of different downstream sectors show a differentiated pattern. The operating rate of profiles decreased by 1.5 percentage points to 57.5%; the operating rate of aluminum plate, strip and foil decreased; the operating rate of aluminum cables increased by 1.4 percentage points to 65.6%; the operating rate of primary aluminum alloy increased by 0.2 percentage points to 55.2%, and the operating rate of recycled aluminum increased by 2.5 percentage points to 55.0% [12]. Inventory - The latest social inventory of aluminum ingots is 619,000 tons, an increase of about 1% compared with last week and about 20% lower than the same period last year. The inventory may continue to rise in May. The inventory of aluminum rods is 150,100 tons, a decrease of about 2% compared with last week and about 27% lower than the same period last year. The LME electrolytic aluminum inventory has been falling slightly since May 2024 and is currently at a low level since 1990, but there may be an inflection point [12]. Profit and Market Expectation - The average cash cost of the domestic alumina industry is about 2,600 yuan per ton, and the profit is about 300 yuan per ton. The average production cost of domestic electrolytic aluminum is about 17,100 yuan per ton, and the theoretical profit is about 2,500 yuan per ton. The aluminum price is expected to rise slightly next week, with an average price of about 19,700 [13]. Important Industrial Link Price Changes - The prices of most aluminum - related products have changed. For example, the price of bauxite has generally declined, the price of alumina in Henan has increased slightly, and the price of electrolytic aluminum has decreased [14]. Important Industrial Link Inventory Changes - The domestic bauxite port inventory has increased for the fourth consecutive week, the alumina inventory has slightly decreased, the social inventory of aluminum ingots has increased, the inventory of aluminum rods has decreased, and the LME aluminum inventory has continued to decline slightly [16][18]. Supply - Demand Situation - The profits of domestic alumina and electrolytic aluminum industries this week are about 300 yuan per ton and 2,500 yuan per ton respectively. The theoretical import loss of electrolytic aluminum is about 1,500 yuan per ton [20]. - The overall operating rate of domestic aluminum downstream processing leading enterprises has increased by 0.3 percentage points to 61.9%, showing a differentiated pattern. The operating rate is expected to rise slightly next week [25][26]. Futures - Spot Structure - The current price structure of Shanghai Aluminum futures is neutral. The market is bearish on the demand in the second and third quarters but expects a rebound in demand at the end of the year [32]. Spread Structure - The LME (0 - 3) is at a discount of $9.4 per ton. The A00 aluminum ingot spot is at a discount of 0 yuan per ton. The spread between aluminum ingots and ADC12 is about - 3,190 yuan per ton [34][36]. Market Capital Situation - The net long position of LME aluminum has slightly rebounded, and the short - term overseas aluminum price is under pressure. The net long position of Shanghai Futures Exchange electrolytic aluminum has also slightly increased, and the short - term market is expected to be volatile [40][43].

2025 年 5 月 12 日 关注库存表现 铝价震荡 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 zhao.kx@jygh.com.cn 从业资格号：F031122984 投资咨询号：Z00210404 敬请参阅最后一页免责声明 1 / 7 铝周报 ⚫ 上周四凌晨美联储宣布再次暂停降息，符合市场预 期，美联储称经济前景的不确定性进一步增加。并 判断高失业率和高通胀的风险已经上升。关税方 面，美国总统特朗普宣布与英国达成贸易协议，中 美经贸高层会谈5月10日至11日在瑞士日内瓦举 行。两个消息提高了与其他国家达成此类协议的希 望，缓解了市场的紧张情绪。国内在关键时点释放 出"适度宽松"来"稳增长、稳市场"的明确信号。 基本面，供应端电解铝近期产能主要为产能转移， 产能基本维持不变，不过铝水比例微幅走低。消费 端，暂时仍然有韧性，据三方调研统计铝加工企 ...

铝的预期与兑现 20250511 摘要 • 预计 2025 年铝利润中枢略低于 2024 年，全球铝过剩量因关税问题从 13 万吨增至 62 万吨，成本维持在 16,000-17,000 元/吨，氧化铝投产过剩 压力犹存但下行空间有限，需警惕无财政刺激下铝价和利润承压风险。 • 国内铝市场利润边际变化受进口铝锭、废铝利润及实际缺口影响，长周期 内冶炼厂均可盈利，但盈利水平受多种因素影响。铝加工费差和进口利润 波动更能反映市场需求边际变化，需关注终端需求和技术进步对有色金属 需求的拉动作用。 • 制造业企业对货币政策敏感度降低，更关注新订单和实际需求扩张。出口 对铝市场影响显著，宁波港运价指数领先铝利润约两个月，但关税冲击已 影响出口板块，包括家电等间接出口。 • 宏观层面，预计未来铅消费增速放缓，内容品、包装等板块收益增长预期 下调至 4%左右，海外制造业投资不确定性增加，出口增长预期下调至负。 汽车行业超季节性扩张，预计拉动铝消费约 6%，电网建设预计增幅为 6%。 Q&A 从长期角度来看，铝市场的供应和利润预期如何？ 铝作为一种优质品种，从长期角度来看存在供应端约束。短期内，由于关税冲 击，铝的利润可能承 ...

Group 1 - The controlling shareholder of Fujian Minfa Aluminum Co., Ltd. has changed from Shangrao Urban Construction Investment Development Group Co., Ltd. to Shangrao Industrial Investment Development Group Co., Ltd. after the transfer of 296,329,179 shares, accounting for 31.57% of the total share capital [1][2] - The transfer of shares is classified as a state-owned share transfer without compensation, and the actual controller remains the Shangrao State-owned Assets Supervision and Administration Commission [1][2] - The share transfer has been completed, and as of the announcement date, Shangrao Urban Construction no longer holds shares in the company, while Shangrao Industrial Investment holds 296,329,179 shares [2]

Core Viewpoint - The National Power Investment Corporation (State Power Investment) is planning an asset restructuring involving the acquisition of 100% equity of Baiyinhua Coal Power Company by Inner Mongolia Power Investment Energy Co., Ltd. (Power Investment Energy), aiming to enhance market share and operational efficiency in coal, electricity, and aluminum sectors [2][5]. Group 1: Transaction Details - Power Investment Energy announced the acquisition of Baiyinhua Coal Power Company, which is fully controlled by State Power Investment [5]. - The transaction will involve issuing shares and cash payments, with potential fundraising for supporting funds [2][3]. - The deal is still in the planning stage, requiring internal decision-making and regulatory approvals, which introduces uncertainty [5][6]. Group 2: Company Performance - As of April 30, Power Investment Energy's stock price was 17.85 yuan per share, with a total market capitalization of approximately 40.01 billion yuan, reflecting an 8.84% decline year-to-date [4]. - In 2024, Power Investment Energy reported revenues of 29.86 billion yuan, a year-on-year increase of 11.23%, and a net profit of 5.34 billion yuan, up 17.15% [8]. - However, in Q1 2025, the company experienced a decline in net profit by 19.82%, totaling 1.56 billion yuan, despite a revenue increase of 2.63% to 7.54 billion yuan [9]. Group 3: Market Position and Future Outlook - Power Investment Energy is the largest coal producer in the eastern Mongolia and northeastern regions, with a coal supply capacity exceeding 10% of the total regional output [7]. - The acquisition of Baiyinhua Coal Power is expected to enhance Power Investment Energy's market position and profitability in the coal, electricity, and aluminum sectors [9]. - The Baiyinhua Coal Power Company has significant coal reserves of 2.362 billion tons, which positions it as a key player in the national energy strategy [6].

SHMET 网讯： 自去年12月初开始下跌以来，氧化铝期货已"缩水"近50%，五一假期归来，期价在逼近纪录低位后终于企稳，近几日持续收涨，回升至一周高位。 氧化铝暂时摆脱阴霾，连续两日大幅反弹，消息面有什么利好传来吗？最近氧化铝库存出现不断去化一幕，供需面是否出现明显的好转迹象？未来氧化铝过 剩预期还强吗？期价反弹势头能延续吗？文华财经【机构会诊】板块邀请氧化铝期货专家为您详细分析。 【机构会诊】：氧化铝暂时摆脱阴霾，连续两日大幅反弹，消息面有什么利好传来吗？ 华安期货投资咨询部分析师 鲍峰：现阶段去判断氧化铝供需面好转为时过早，根据SMM调研数据显示，4月份氧化铝开工率为78.8%，环比上月下降5.8%。 电解铝4月运行产能为96.11%，环比增加0.33%。因此可见氧化铝的供需面确实有一定的好转，但从季节性角度看，78.8%的氧化铝开工依然处于高位，明显 好转迹象的结论需要后续观察。 【机构会诊】：未来氧化铝过剩预期还强吗？期价反弹势头能延续吗？ 国投安信期货研究院高级研究员 刘冬博：后续来看，行业利润决定了检修产能的复产节奏，供应和利润动态变化，一旦利润修复产供应弹性大，且河北某 厂第二条第三条线共32 ...

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The report is optimistic that alumina will remain in a low - level oscillation this month, and the aluminum price will fluctuate weakly this month [3][68][69] Summary by Directory 1. Market Review - Alumina futures stopped falling this month after three months of decline. The main contract fluctuated narrowly between 2800 - 2900 yuan/ton, and closed at 2729 yuan/ton at the end of the month, down 9.03%. The monthly structure changed from a slight Contango to a Back structure in the near - term [9] - The Shanghai Aluminum futures price dropped from 20500 yuan/ton to 18960 yuan/ton at the beginning of April and then fluctuated between 19500 - 20000 yuan/ton, closing at 19910 yuan/ton at the end of the month, down 2.71%. LME aluminum fell to 2300 US dollars/ton at the beginning of the month and then rebounded slightly, closing at 2392 US dollars/ton, down 5.75%. The Shanghai - LME aluminum ratio fluctuated between 8.27 and 8.17, with an import loss of about 1000 yuan/ton [10] 2. Macroeconomics 2.1 Overseas - The Fed maintained the federal funds rate at 4.25 - 4.5% in May. The US tariff policy is in a 90 - day chaotic period of suspending the collection of "reciprocal tariffs". The US imposes a 145% tariff on Chinese goods and may impose a 245% tariff, while exempting some goods from a 125% "reciprocal tariff". The progress of Sino - US trade negotiations is slow [13] - In April, the US added 177,000 non - farm jobs, and the unemployment rate remained at 4.2%. The core PCE in March increased by 2.65% year - on - year. The real GDP in the first quarter of 2025 decreased by 0.3% quarter - on - quarter. The manufacturing PMI in April was 48.7%. The consumer confidence index and the enterprise capital investment intention index both hit new lows since 2020 [14] - The eurozone inflation rate dropped to 2.2% in April. The first - quarter GDP increased by 0.4% quarter - on - quarter and 1.2% year - on - year. The US tariff is expected to have a negative impact on the European economy, and the GDP growth in the second and third quarters is expected to stagnate or only increase by 0.1% [15] 2.2 Domestic - In the first quarter of 2025, China's GDP increased by 5.4% year - on - year. In March, the year - on - year growth rates of social retail sales, fixed - asset investment, and industrial added value all exceeded expectations. The real estate development investment decreased by 9.9% year - on - year, and the new - built commercial housing sales area decreased by 3% year - on - year [16][17] - In March, China's CPI decreased by 0.1% year - on - year, and PPI decreased by 2.5% year - on - year. M2 increased by 7.0% year - on - year, and social financing stock increased by 8.4% year - on - year. The year - on - year growth rates of industrial enterprise revenue and profit both improved [17] - The Politburo meeting in April set a positive tone, and subsequent reserve requirements and interest rates were cut, releasing a signal of "moderate easing" [18] 3. Alumina Market Analysis 3.1 Bauxite - Inland mines continued to resume production in April. Due to the decline in alumina prices, inland enterprises lowered the bauxite procurement base price. By the end of April, the bauxite prices in Shanxi, Henan, Guizhou, and Guangxi all decreased compared with the previous month [23] - In the first quarter of 2025, China's bauxite imports increased by about 1.075 billion tons compared with the same period last year, with an increase of about 940 million tons from Guinea. The main import countries are Guinea (77.3%) and Australia (16.6%). The bauxite price is under pressure [24] 3.2 Alumina Supply - In March 2025, China's alumina production was 7.558 million tons, a year - on - year increase of 8.5%. In April, there were batch maintenance and production cuts, and new capacities in Hebei and Guangxi were put into production. It is expected that the daily output in April will be slightly lower than that in March, and the production will be about 7.3 million tons [25] - In March 2024, China's alumina exports were 144,100 tons, and imports were 303,800 tons. The export window closed in late February, and the export volume in April is expected to decrease [26] 3.3 Alumina Inventory and Spot - By the end of April, the alumina futures exchange inventory was 271,000 tons, a decrease of 28,000 tons from the previous month, and the exchange factory inventory was 7,200 tons, a decrease of 2,400 tons from the previous month [26] - In April, the alumina spot premium initially remained around 200 yuan/ton and then fell to around 100 yuan/ton. The overall transaction was light [26] 3.4 Alumina Cost and Profit - In March 2025, the average fully - taxed cost of China's alumina industry was 3209.58 yuan/ton, a month - on - month decrease of 2.44% and a year - on - year increase of 14.11%. The decline in raw material prices led to a slight decrease in costs [27] 3.5 Alumina Viewpoint - The large - scale production cuts in mid - April helped the alumina price stop falling. In May, there were batch maintenance and production cuts in the south, and new production of 1.6 million tons in the north began. The alumina market is expected to oscillate at a low level this month, and attention should be paid to the fluctuations in the supply - demand balance [3][28][29] 4. Electrolytic Aluminum Market Analysis 4.1 Electrolytic Aluminum Supply - In March 2025, China's primary aluminum production was 3.7116 million tons, a year - on - year increase of 4.1%. In April, there were both production increases and decreases. It is estimated that the production in April was about 3.615 million tons [42] - In March 2025, the global (excluding China) alumina production was 4.821 million tons, a year - on - year decrease of 3.66%. It is expected that the production in April will be 4.713 million tons [42] - In March 2025, China's primary aluminum imports were about 222,000 tons, and exports were about 9,000 tons. The net import is expected to remain high in April [43] 4.2 Electrolytic Aluminum Inventory - By April 30, the aluminum ingot inventory was 614,000 tons, and the aluminum rod inventory was 151,000 tons. The total social inventory decreased by 296,000 tons from the previous month [43] - The Shanghai Futures Exchange's electrolytic aluminum warehouse receipt inventory decreased by 77,000 tons to 69,000 tons by the end of April [44] 4.3 Electrolytic Aluminum Spot - In April, the electrolytic aluminum spot price was basically at a premium, with a maximum premium of 60 yuan/ton and a minimum slight discount of 10 yuan/ton. The LME discount fluctuated between - 20 and - 40 US dollars/ton [45] 4.4 Electrolytic Aluminum Cost and Profit - In April, the theoretical average fully - taxed cost of China's electrolytic aluminum industry was 16,448.79 yuan/ton, a decrease of 699.4 yuan/ton from the previous month. The monthly theoretical profit was 3,467.4 yuan/ton, a decrease of 108.21 yuan/ton from the previous month [48] 5. Consumption Analysis 5.1 Aluminum Processing - In April, the aluminum processing industry still performed well, but there was obvious structural differentiation. The production and orders of building profiles, industrial profiles, and aluminum cables increased, while the production of aluminum plate, strip, and foil and aluminum alloy maintained stability. The decline in the aluminum price center of gravity partially alleviated the replenishment cost pressure, but the demand transmission lag suppressed the replenishment willingness [62] 5.2 Domestic Terminal Consumption - From January to March, the national real estate development investment decreased by 9.9% year - on - year, and the new - start, construction, and completion areas all decreased year - on - year [63] - In March, the sales volume of new energy vehicles was 1.237 million, a year - on - year increase of 40.1%. From January to March, the sales volume was 3.075 million, a year - on - year increase of 47.1% [63] - In March, the completed investment in power grid infrastructure was 95.6 billion yuan, a year - on - year increase of 24.8%. In April, the aluminum cable enterprises had sufficient orders, and new orders are expected to land in late May [64] - In March 2025, the newly - added photovoltaic installed capacity was 20.24GW, a year - on - year increase of 124.39%. From January to March, the cumulative newly - added installed capacity was 59.71GW, a year - on - year increase of 30.54% [65] 5.3 Aluminum Product Exports - In March 2025, China's exports of unwrought aluminum and aluminum products were 506,000 tons, a year - on - year decrease of 1.17% and a month - on - month increase of 24.02%. From January to March, the cumulative exports were 1.365 million tons, a year - on - year decrease of 7.6%. The export volume is expected to decline month - on - month [66] 6. Market Outlook - Macroeconomically, the US economic outlook is uncertain, and the Fed is difficult to cut interest rates. China's monetary policy has released a signal of "moderate easing" [68] - Alumina is expected to oscillate at a low level this month, and attention should be paid to the supply - demand balance [68] - For electrolytic aluminum, the supply increases slightly, the consumption is at the end of the seasonal peak season, and the inventory starts to accumulate after the May Day holiday. The aluminum price is expected to fluctuate weakly this month [69]