March 13 Shanghai aluminum afternoon comment

The Shanghai aluminum main company 2005 contract opened at 12850 yuan / ton in the morning, and still maintained a narrow sideways posture during the day, with an amplitude of 85 yuan / ton, closing at 12870 yuan / ton, up 20 yuan / ton
.
The daily K-line closed a small white candle, the center of gravity of the disk continued to move down, and the upper 5-day moving average suppressed obviously
.
In the past two days, the international macro environment has continued to deteriorate, and under the background of weak Shanghai aluminum fundamentals, it is expected that the center of gravity of Shanghai aluminum will be dragged down and continue to shift, running at 12600-12900 yuan / ton within the day, and the spot pair is discounting 30 to 10 yuan / ton
in the month.

In terms of news, a total of 44,067 cases of new coronary pneumonia (6,703 new cases) and 1,440 deaths (310 new cases)
were confirmed in 117 countries outside China.
The Fed intends to put in $5 trillion in liquidity
.
US core PPI in February was -0.
3% m/m vs 0.
1% expected vs 0.
5%
prior.
The epidemic in Europe and the United States has expanded significantly, the global stock market collapsed yesterday, and many countries such as the United States, Europe, India and other countries released a large amount of water to stimulate the economy, but the market panic was extremely high, and non-ferrous metals continued to be weak
.

The price of Chinalco East China AOO aluminum ingots was 12,760 yuan / ton, down 80 yuan
.
At present, the progress of resuming work and production is slow, the inventory of aluminum ingots and aluminum rods has accumulated significantly compared with before the Spring Festival, the market lacks obvious consumption growth momentum, aluminum exports perform poorly, and the epidemic has impacted the decline in global demand, and aluminum is expected to fall
slightly today.