Cost support weakened Shanghai aluminum main force low open and continue to fall

Market focus: (1) As of the 30th Beijing time, the number of confirmed cases of new coronary pneumonia in the world has exceeded 720,000, which has increased by more than 10%
for 7 consecutive days.
(2) Alvance Aluminium said it has a plan in place to ensure the safety of its employees while continuing to reduce output at its Lochaber smelter
.

Spot analysis: On March 30, spot A00 aluminum was reported at 11450-11490 yuan / ton, with an average price of 11470 yuan / ton, down 50 yuan / ton
per day.
Intraday cargo holders are more active in shipments, some middlemen consider the market tax reduction news stimulus, it is expected that the subsequent monthly difference may widen, the willingness to receive goods within the day is also more obvious, and the trading between the two sides is
acceptable.
Due to the fall in aluminum prices and replenishment on Monday, downstream purchases
were normal within the day.
The overall transaction in East China was acceptable
.

Warehouse receipt inventory: the total amount of Shanghai aluminum warehouse receipts on Monday was 304807 tons, an increase of 13,424 tons per day; On March 27, LME aluminum stocks were 1131675 tons, an increase of 19,100 tons
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 2005 contract were 82699 lots, minus 1546 lots per day, short positions were 86114 lots, daily minus 5164 lots, net short positions were 3415 lots, daily minus 3618 lots, long and short were reduced, and net space was reduced
.

On March 30, the main force of Shanghai aluminum in 2005 opened low and continued to fall
.
The cumulative number of confirmed new coronary pneumonia in the world has exceeded 520,000, and many countries continue to strengthen precautionary measures such as travel restrictions; The global supply chain has been impacted by the epidemic, the shutdown of overseas enterprises has increased, the downstream demand outlook is worrying, and the inventory of Shanghai and Lun has increased in recent days; At the same time, domestic alumina plants have resumed work one after another, and the decline in alumina prices has weakened the cost support and put pressure
on aluminum prices.
However, the G20 summit announced the launch of a $5 trillion economic plan, and economic stimulus policies from many countries continued to be introduced; At the same time, the current aluminum price fell below the cost line, which supported the aluminum price in the short term
.
In terms of spot, intraday cargo holders are more active in shipments, and some middlemen consider the stimulation of market tax reduction news, and the willingness to receive goods within the day is also more obvious, and the downstream purchases
are normal within the day.
Technically, the main 2005 contract daily MACD green column contraction of Shanghai aluminum, there is pressure on the 10-day moving average, and the short-term shock is expected to be weak
.
Operationally, it is recommended that the Shanghai-aluminum 2005 contract can be short around 11,600 yuan / ton, with a stop loss of 11,750 yuan / ton
.