Market worries about demand prospects The main force of Shanghai aluminum fell under pressure

Market focus: (1) The number of new infections in Germany and South Korea has increased, and the market is worried that the economic restart too quickly will lead to a new wave of epidemics
.
(2) In April, China's automobile production and sales reached 2.
102 million units and 2.
07 million units, respectively, an increase of 46.
6% and 43.
5% month-on-month, and a year-on-year increase of 2.
3% and 4.
4%, respectively, and the monthly growth rate was the first increase
this year.

Spot analysis: On May 12, spot A00 aluminum reported 13020-13060 yuan / ton, the average price was 13040 yuan / ton, up 10 yuan / ton
per day.
The spot price was basically unchanged from the previous day, but the actual transaction situation was obviously lower than the previous day, and the market was more and less prominent
.
Normal downstream procurement, on-demand stocking
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 174429 tons on Tuesday, a daily decrease of 2,679 tons, a continuous decline of 17 days; On May 11, LME aluminum stocks were 1,347,100 tons, down 2,700 tons per day, down for 5 consecutive days
.

Main positions: the top 20 long positions of Shanghai aluminum main 2007 contract were 89809 lots, an increase of 5421 lots, short positions 116508 lots, a daily increase of 1051 lots, a net short position of 26699 lots, a daily decrease of 4370 lots, both long and short increases, and the net space decreases
.

On May 12, the main force of Shanghai aluminum in 2007 fell under pressure
.
With the improvement of the epidemic, downstream processing plant production resumed, aluminum processing fees climbed, demand improved, and the recent continuous deteriorating of Shanghai aluminum inventories supported aluminum prices
.
Overseas has been greatly affected by the epidemic, export orders have declined significantly, coupled with the high ratio of Shanghai, resulting in a sharp decline in aluminum exports, and future demand prospects are still worried; Coupled with the rebound of aluminum prices, stimulating the release of investment capacity, there are growth expectations for electrolytic aluminum supply, and there is resistance
above aluminum prices.
In terms of spot, intraday cargo holders are more active, middlemen receive goods normally, a large household carries out procurement plans normally, and downstream intraday on-demand purchases are the mainstay
.
Technically, the main 2007 contract daily MACD red column contraction of Shanghai aluminum, mainstream short positions increase larger, and short-term volatility is expected to be weak
.