This article is an institutional comment on the aluminum market released by Jin Yuan Futures on April 3, 2026. It comprehensively analyzed the price trends of Shanghai aluminum, LME aluminum and spot aluminum on that day, and updated the inventory data of electrolytic aluminum ingots and aluminum rods simultaneously. At the same time, combined with the macro situation, it analyzed the impact of the US-Iran conflict and the new aluminum tariff policy of the Trump administration on the aluminum price, and pointed out that the rising risk aversion sentiment has led to a high-level adjustment of the aluminum price, but the disturbance of the Middle East situation on supply still provides support for the aluminum price. It provides professional market references for aluminum industry practitioners and traders.
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