The support for aluminum prices is relatively strong, and the trend of aluminum replacing copper may bring an increase in demand.

On January 22, the main Shanghai aluminum futures contract rose slightly, with an increase of 0.59% to 24,055 yuan/ton at the daytime closing. On January 13, the contract once surged to 25,075 yuan/ton, setting a new record since its listing, confirming the strong performance of aluminum. Although it has recently entered a correction phase, since mid-December 2025, aluminum prices have accumulated a rise of more than 12%. Aluminum stocks have also strengthened concurrently, becoming one of the most eye-catching asset categories in the non-ferrous metals sector. According to interviews with reporters, overseas expectations of a Fed rate cut and loose liquidity have created a positive macroeconomic environment for aluminum prices, while fundamentals have also provided solid support for aluminum prices. With copper prices high and the copper-aluminum price ratio exceeding 4, aluminum replacing copper technology is gradually being implemented in areas such as air conditioning, and leading copper material companies have already laid out aluminum production lines. This may bring new demand growth for aluminum.