Shanghai aluminum narrow finishing price upside is limited

In terms of industry, according to foreign news on April 5, Norwegian Hydro (Norsk Hydro) company said that a federal court in Brazil plans to hold a hearing
on April 12 on the company's Alunorte alumina plant for a year-long production ban.
Since February 2018, the plant has reached half
capacity.
Previously, the oil spill caused regulators and courts to limit the plant's output
.
Hydro said in a statement that there was no timetable for deciding whether to lift production
restrictions.

In terms of the market, the aluminum period was mainly range-bound before the afternoon of the month
.
The transaction price in Shanghai was between 13750-13770 yuan / ton, and the flat water of the month was 10 yuan / ton, down more than 40 yuan / ton from the previous day, the transaction price in Wuxi was between 13750-13770 yuan / ton, and the transaction price in Hangzhou was between
13790-13810 yuan / ton.
The market has sufficient supplies during the day, the holders are actively shipping, traders and middlemen are active in the morning, and the actual transaction after 11:00 gradually
declines.
Due to the decline in prices compared with yesterday, downstream goods are better than yesterday, but they are still
mainly on-demand.

In terms of inventories, LME aluminum stocks were 1,098,925 tons on April 08, down 5,600 tons from the previous session; As of April 04, 2019, the Shanghai Futures Exchange electrolytic aluminum inventory was 722,092 tons, down 12,898 tons
from the previous week.
From a seasonal perspective, current inventories remain at a high level
compared to the past five years.

During the day, Shanghai aluminum was narrowly sorted, and Hydro's electrolytic aluminum production resumed, which restrained
the upside of aluminum prices.
In the spot market, the supply is sufficient, and the holders are actively shipping, because the price has decreased compared with the previous day, and the downstream goods are better than the previous day, but they are still mainly on-demand
.
On the technical side, the pressure above the Shanghai aluminum 1905 contract is obvious, and aluminum prices are expected to maintain a volatile trend in the short term
.
Operationally, it is recommended that the Shanghai-aluminum 1905 contract can consider selling high and low between 13600-13850 yuan / ton, and the stop loss is 100 yuan / ton
each.