Aluminum prices or sideways volatility has blocked rebound space

In terms of the market, Shanghai aluminum fluctuated in the morning, and the near-month 04 contract fell after testing 11620 yuan / ton, and the morning increase was about
2%.
The holder of the 04 contract within the day is sticking 10 ~ liter 10 yuan / ton, the large account receipt price is about 11580 yuan / ton, equivalent to the following plate around flat water, the middleman is enthusiastic to receive goods, the downstream is close to the weekend on-demand stocking, the market transaction is acceptable
.

The new coronavirus global pandemic has forced major customers to stop production, and the aluminum industry is facing a huge oversupply that could lead to thousands of job losses
.
Demand for the light metal, aluminum, will fall 8 percent this year, reflecting a severe decline
in major economies around the world, according to consultancy CRU.
From cars to beverage cans, this metal has a wide
range of uses.
Automakers, including Peugeot, Volkswagen and Ford, have cut output
at their plants in Europe and North America due to quarantine measures and falling demand for new cars.
So if major producers, including Alcoa and Rio Tinto, quickly shut down their smelters, aluminum production could exceed global consumption by 6 million tonnes or 4 million tonnes
this year.
By comparison, the trade surplus after the global financial crisis reached 3.
9 million tonnes 10 years ago, and it took the industry years to absorb them
.

Shanghai aluminum 2005 closed at 11555, intraday low detection and counter-pumping, but the rebound space is blocked, maintain a volatile downward trend, the near future is expected to maintain a weak trend, can be short-term short treatment, short orders focus on 11800 pressure
.