Inventory accumulation inhibits prices The main force of Shanghai aluminum continues to decline

Market Focus: (1) The leaders of the two sides of the China Economic and Trade High-level Consultation had a phone call, and the two sides agreed to maintain communication
on the remaining matters of the Phase One Agreement consultation.
(2) China's scrap aluminum imports in October were 60,240 tons, down 34.
69% from the same period last year and 47.
32%
from the previous month.
(3) On Monday, Lun aluminum inventories increased again, up 4.
2% to 1230025 tons, the highest level since May; As of November 22, Shanghai aluminum inventories fell by 3.
85% to 270787 tons, refreshing the low level since March 10, 2017
.

Spot analysis: On November 26, spot A00 aluminum was reported at 13970-14010 yuan / ton, with an average price of 13990 yuan / ton, down 70 yuan / ton
per day.
The spot price has fallen, the willingness of middlemen to receive goods is higher, the holders ship normally, the two sides are actively trading, and the receivers are slightly more than the shippers
.
A large household purchased more than 7,000 tons in East China within a day, and the subsequent purchase volume in South China will be reduced
.
Downstream normal procurement is the mainstay, because the price is lower than the previous day, the receiving status has improved
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 73,566 tons on Tuesday, an increase of 276 tons per day; On November 25, LME aluminum stocks were 1230025 tons, an increase of 49,625 tons per day, an increase of 10 consecutive days
.

Main positions: the top 20 long positions of Shanghai aluminum main 2001 contract were 64253 lots, a daily increase of 445 lots, a short position of 71627 lots, a daily decrease of 1370 lots, a net short position of 7374 lots, a daily decrease of 1815 lots, a long increase and a decrease
in net space.

Market research and judgment: On November 26, the main force of Shanghai aluminum 2001 continued to decline
.
Sino-US trade executives called again, coupled with the news of China's strengthening of intellectual property protection, has a positive effect on trade progress, while electrolytic aluminum spot inventory and aluminum rod inventory continue to deteriorate, the aluminum price support is greater, but at present China and the United States have not reached a substantive agreement, the Fed attitude hawkish positive for the dollar, while upstream alumina inventory accumulation suppresses prices, electrolytic aluminum production is expected to increase, putting pressure on aluminum prices, and the divergence of London and Shanghai inventory trends may help the import profit window to open, which has some pressure on prices
。 In terms of spot, the spot price has fallen, the willingness of middlemen to receive goods is higher, the holders are normal shipments, the two sides are actively trading, the receivers are slightly more than the shippers, and the downstream normal procurement is the mainstay, because the price is lower than the previous day, and the receiving status has improved
.
Technically, the main 2001 contract daily MACD red column contraction of Shanghai aluminum, mainstream bulls reduced their positions large, and short-term volatility is expected to be weak
.