Market demand has improved significantly, and the main force of Shanghai aluminum continues to rise

Market focus: (1) Fed Chairman Jerome Powell flatly rejected negative interest rates and called for more fiscal measures to save the economy
.
(2) As of May 14, the inventory of 6063 aluminum rods in the main domestic consumption places was 112,800 tons, a decrease of 19,300 tons from last week, and the arrival of aluminum rods was relatively small and out of the warehouse to maintain stability
.

Spot analysis: On May 14, spot A00 aluminum was reported at 12770-12810 yuan / ton, with an average price of 12790 yuan / ton, a daily increase of 20 yuan / ton
.
Holders of normal shipments, middlemen to receive goods is acceptable, superimposed on a large household intraday normal procurement, on the whole, buyers and sellers trading is more active, with the aluminum price center of gravity rising and the discount has not changed, but the transaction heat has fallen, and the transaction volume is not as good as the previous period
.
Normal procurement within the downstream day, mainly on-demand
stocking.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 169243 tons on Thursday, a daily decrease of 2201 tons, a continuous decline of 19 days; On May 13, LME aluminum stocks were 1,351,800 tons, a daily decrease of 2,575 tons
.
Main positions: the top 20 long positions of Shanghai aluminum main 2007 contract were 89780 lots, minus 236 lots per day, short positions were 116699 lots, daily increase of 975 lots, net short positions were 26919 lots, daily decrease of 1211 lots, more increase and short, net space decrease.

The main force of Shanghai aluminum continued to rise
during the day.
At present, downstream aluminum processing enterprises continue to rise, and the recent rise in aluminum processing fees, demand has improved significantly, domestic electrolytic aluminum and aluminum rod inventories have continued to dematerialize, aluminum prices still have upward momentum
.
However, overseas have been greatly affected by the epidemic, export demand has weakened, coupled with the high ratio of Shanghai, resulting in suppressed aluminum exports, and future demand prospects are still worried; And aluminum prices rebounded, stimulating the release of investment and production capacity, electrolytic aluminum supply has growth expectations, limiting the upside of
aluminum prices.
In terms of spot, the carrier ships normally, the middleman receives the goods fairly, and the downstream purchases normally within the day
.
Technically, the mainstream positions of Shanghai's main 2007 contract increased and reduced short, paying attention to the 20-day moving average support, and it is expected that the short-term shock will be strong
.