National monetary easing stimulates positive aluminum prices continue the trend of volatility

News side: 1.
China's official manufacturing PMI in February was 49.
0, the lowest since November 2011, and below the boom-dry dividing line for seven consecutive months, expected to be 49.
4, the previous value was 49.
4
.
China's official non-manufacturing PM52.
7 in February vs 53.
5
prior.
China's Caixin manufacturing PMI 48.
0 in February, below the boom-dry dividing line for 12 consecutive months, expected 48.
4 vs 48.
4
prior.

2.
The Guangdong Provincial Government released a series of plans
for supply-side reform from 2016 to 2018 on the 29th.
By the end of 2018, the inventory scale of commercial housing in Guangdong Province will be reduced by about 12.
5% compared with the 160 million square meters at the end of 2015, that is, on the basis of fully digesting the supply overflow of about 6.
3 million square meters of commercial housing in 2016-2018, Guangdong Province will strive to resolve another 20 million square meters of inventory commercial housing
.
For commercial housing projects, the requirement
that "housing units below 90 square meters account for more than 70% of all units" ("7090" policy) be stopped.
Guangdong will reduce the proportion of housing provident fund contributions, lowering the upper limit of contributions from 20 percent to 12 percent, and lowering the upper limit of the contribution base from five times to three times the average monthly salary
.

3.
In order to accelerate the pace of real estate destocking, Inner Mongolia stipulates that all areas that have not completed the task of real estate destocking will strictly control the supply of
real estate development and construction land in the coming period.
In addition, in areas with large commercial housing inventory and the need to control the scale of real estate development, the local government can buy back the land that has been supplied but has not yet been developed as a land reserve
.

4.
In 2015, the national electrolytic aluminum output was 31.
41 million tons, a year-on-year increase of 8.
43%, Shandong 8.
06 million tons ranked first in the country, Xinjiang and Henan ranked second and third, of which Henan, Qinghai, Ningxia and Shanxi were all negative growth
.
The output of the top ten provinces and regions accounted for 89.
74%
of the national total.
In 2015, the national aluminum output was 52.
36 million tons, a year-on-year increase of 8.
99%.

The output of the top ten provinces accounted for 80.
12% of the total total, of which Guangdong decreased by 6.
68% year-on-year, and the other 9 provinces and regions maintained steady growth
.
Aluminum processing capacity is built around the consumption place and raw material supply place
.

Tomorrow's aluminum price analysis: February PMI data performance is poor, and base metals began to fall to varying degrees in early trading, taking the opportunity to adjust
.
Shanghai aluminum has now adjusted the pressure after rising in recent days, and has fallen with the trend
.
The country's monetary easing is favorable to stimulate real estate destocking, and the resolute policy is frequent, which affects the real estate, finance, and nonferrous sectors in the stock market, and the black series and chemicals in the futures market have risen
sharply.
Under this bullish background, it is difficult for Shanghai aluminum to fall
sharply in the short term.
Pay attention to the rhythm, the general oscillating uptrend continues
.
Tomorrow's aluminum price material will not change much, for reference
only.