No. its tin plated copper. You wouldn't want an Aluminium oxide layer at the interface between the ferrule and the terminal. I've made up similar ferrules from copper tube, flame annealed, and quenched in water so its dead soft then brightened with a pan scourer. To make it easier to insert the cable cleanly, you can either flare the end slightly by hammering a significantly oversize ball bearing into it slightly and re-annealing, or open it out slightly with a fine round file or a mounted stone in a drill.