Market inventories continue to degrade, and the main force of Shanghai aluminum continues to rise

Market focus: (1) US President Trump signed the "Hong Kong Human Rights and Democracy Act"
.
China strongly urges the US side not to implement the law change, so as not to affect China-US relations and cooperation
between the two countries in important areas.
(2) Guangyuan Zhongfu High Precision Aluminum Co.
, Ltd.
has an annual output of 250,000 tons of electrolytic aluminum project officially put into operation, and is expected to complete all production targets
in the first quarter of 2020.

Spot analysis: On November 28, spot A00 aluminum reported 13940-13980 yuan / ton, the average price was 13960 yuan / ton, up 10 yuan / ton
per day.
Intraday cargo holders are more active, middlemen have a strong willingness to receive goods at low prices, and the trading between the two sides is acceptable, but a large market has less purchases, lack of this part of participation, the overall transaction between traders is not as good as the previous day
.
Downstream on-demand procurement, receiving goods is mediocre without much highlights
.

Warehouse receipt inventory: the total number of Shanghai aluminum warehouse receipts on Friday was 67,033 tons, a daily decrease of 3,025 tons; On November 28, LME aluminum stocks were 1,230,300 tons, an increase of 1,975 tons
per day.
In the week ended November 29, the stock of copper cathode on the Shanghai Futures Exchange was 245824 tons, a weekly decrease of 24,963 tons
.

Main positions: the top 20 long positions of Shanghai aluminum main 2001 contract are 65595 lots, minus 32 lots per day, short positions are 71868 lots, daily increase of 1072 lots, net short positions are 6273 lots, daily increase of 1104 lots, more short increases, net space increases
.

Market research and judgment: On November 29, the main force of Shanghai aluminum 2001 continued to rise
.
The signing of the Hong Kong-related bill in the United States has an adverse impact on Zhangmei's trade negotiations, market concerns are rising, the US economic data is strong, the US dollar is running high, coupled with the rise in upstream alumina inventories, the price has fallen, putting pressure on aluminum prices, but the current electrolytic aluminum spot inventory and aluminum rod inventory have continued to deteriorate, and the support for aluminum prices has gradually strengthened
.
In terms of spot, the holders are more active in shipments, the middlemen have a strong willingness to receive goods at low prices, and the trading of both parties is acceptable, but the purchase volume of a large household in the market is small, and the lack of this part of the participation makes the overall transaction between traders less than the previous day, and the downstream purchases
on demand.
Technically, the main 2001 contract transaction of Shanghai aluminum is incremental, and the mainstream bulls have increased their positions more, and it is expected to continue to rise
slightly in the short term.