Demand is expected to improve, and the main force of Shanghai aluminum opened low and rebounded

Market focus: (1) The press conference of the new State Council: In the near future, the policy
of targeted RRR reduction will be dynamically adjusted.
(2) Australian Alumina said that as the trade dispute eases, aluminum demand is expected to grow again this year, which will lead to a balance between supply and demand in China's alumina market and help digest oversupply outside China
.

Spot analysis: On February 25, spot A00 aluminum was reported at 13390-13430 yuan / ton, and the average price was 13410 yuan / ton, unchanged from the previous day
.
With the fall of aluminum futures, the quotation of the holder has also been reduced, but the transaction is general, although the subsequent aluminum has rebounded slightly, but the transaction price of the two sides has not been significantly raised, the overall transaction of the intraday market is relatively light, the transaction is still dominated by the shipment of the holder, the middleman receives the goods more generally, and the transaction between the two sides is flat
.
There were no obvious signs
of stocking downstream during the day.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 201798 tons on Tuesday, a daily increase of 5220 tons; On February 24, LME aluminum stocks were 1,127,400 tons, a daily decrease of 11,575 tons, and a drop of 9 consecutive days
.
Main positions: the top 20 long positions of Shanghai aluminum main 2004 contract were 77839 lots, a daily increase of 331 lots, short positions of 97139 lots, a daily decrease of 1396 lots, a net short position of 19300 lots, a daily decrease of 1727 lots, more increase and short, and a decrease
in net space.

The main force of Shanghai aluminum in 2004 opened low and rebounded
.
The domestic epidemic situation has shown positive changes, but the epidemic in Japan and South Korea and other countries has spread momentum, and the global epidemic situation is still uncertain; At the same time, domestic electrolytic aluminum inventory has increased, and there is still an expectation of the release of electrolytic aluminum production capacity in the future, and the inventory pressure is large, which puts pressure
on aluminum prices.
However, expectations of interest rate cuts by the Federal Reserve have heated up, and the US dollar has fallen under pressure; The domestic epidemic situation has improved, downstream aluminum companies have resumed work one after another, and demand is expected to improve; In addition, the People's Bank of China said that it will adjust the policy of targeted RRR reduction in the near future, which has strengthened the support of aluminum prices
.
In terms of spot, the overall transaction of the intraday market is relatively light, the transaction is still dominated by the shipment of the holder, the middleman receives the goods more generally, and the transaction between the two sides is flat
.
There were no obvious signs
of stocking downstream during the day.
Technically, the main 2004 contract of Shanghai aluminum has extended the lower shadow, and the mainstream position has increased and reduced the short, and it is expected to recover slightly in the short term
.