Market transaction heat fell back The main force of Shanghai aluminum fell sharply

Market focus: (1) On the 16th local time, US President Trump said that the epidemic may last longer and warned that the US economy may fall into recession
.
(2) The aluminum rod processing fee in Shandong rose to 750-850 yuan / ton, an increase of more than 400 yuan / ton
from the beginning of February.

Spot analysis: On March 17, spot A00 aluminum was reported at 12580-12620 yuan / ton, with an average price of 12600 yuan / ton, down 140 yuan / ton
per day.
In the morning, a large household announced some purchase notices, and the holders actively shipped to it, but after the harvest was completed, the market transaction enthusiasm fell again, because the supply of goods was loose and the transaction situation between traders did not improve significantly
.
A small amount of goods were stocked downstream during the day, mainly because the price fell sharply from the previous day, and the willingness to receive goods has increased, but there is still a long way from
positive.

Warehouse receipt inventory: the total amount of Shanghai aluminum warehouse receipts on Monday was 294189 tons, an increase of 22,751 tons per day, an increase of 7 consecutive days; On March 16, LME aluminum stocks were 978,450 tons, a daily decrease of 8,725 tons, and a 24-day
decline.

Main positions: the top 20 long positions of Shanghai aluminum main 2005 contract are 95990 lots, a daily increase of 2675 lots, short positions 111431 lots, a daily increase of 4096 lots, a net short position of 15441 lots, a daily increase of 1421 lots, long and short increases, and net space increases
.

The main force of Shanghai aluminum fell sharply in 2005
.
The global epidemic continues to spread, the impact of the epidemic on the global supply chain will continue to expand, the possibility of recession increases, and the spread of market panic accelerates; At the same time, domestic electrolytic aluminum production continues to grow, and electrolytic aluminum inventories continue to increase, which puts greater pressure on aluminum prices
.
However, the People's Bank of China implemented targeted RRR reduction measures on the 16th, and the global central bank will further ease monetary policy; Domestic alumina plants have experienced a decline in production affected by the epidemic, and alumina prices have rebounded slightly; And the recent increase in aluminum rod processing fees will stimulate downstream processing output to rise, which is conducive to demand repair and strengthens
the support of aluminum prices.
In terms of spot, a large household announced some purchase notices in the morning, and the holders were actively shipping to it, but after its harvest was completed, the market transaction heat fell, because the supply of goods was loose and unchanged, and a small amount of goods
were stocked downstream within the day.
Technically, the main 2005 contract of Shanghai aluminum increased its position, and the mainstream position increased and decreased more, and the short-term shock is expected to be weak
.