Aluminum prices are relatively strong, and the trend of aluminum replacing copper may bring additional demand.

On January 22, the main Shanghai aluminum futures contract rose slightly, with a daytime closing increase of 0.59%, reaching 24,055 yuan per ton. On January 13, the contract once surged to 25,075 yuan per ton, setting a new record since listing, confirming the strong performance of aluminum. Although it has recently entered a correction phase, since mid-December 2025, the cumulative increase in aluminum prices has exceeded 12%, and individual stocks in the aluminum sector have also strengthened, becoming one of the most outstanding asset categories in the non-ferrous metal sector. According to interviews with reporters, overseas expectations of a rate cut by the Federal Reserve and loose liquidity have created a bullish macro environment for aluminum prices, and the fundamentals also provide strong support for aluminum prices. With copper prices high and the copper-aluminum price ratio exceeding 4, aluminum as a substitute for copper technology may gradually land in fields such as air conditioning, with leading copper material companies already laying out aluminum production lines. This may bring new demand increment for aluminum.