Shanghai aluminum narrow range oscillation is expected to run weakly in the short term

Market focus: The House of Commons first passed the Brexit Agreement bill, but then voted down Prime Minister Johnson's legislative timetable
to pass the Brexit deal as soon as possible.
Aluminium scrap in September fell 21.
4% from August to 110,000 tonnes, the lowest
since February.
Rio Tinto said it could compress or close the New Zealand Aluminium Smelter (NZAS) due to a weak aluminium market and high
energy costs.

Spot analysis: On October 23, the spot A00 aluminum quotation was 13920-13960 yuan / ton, the average price was 13940 yuan / ton, and the daily increase was 10 yuan / ton
.
Intraday holders are more up, shipments are not much, and middlemen still show positive willingness to receive goods, less to receive more in the case of spot premiums continue to rise, spot premiums continue to rise, spot premiums continue to rise mainly because electrolytic aluminum stocks continue to go to storage in the context of the market supply is tight, and the month-end VAT system is about to shut down, the shortage of invoices in the month, further strengthening the psychology of holders to sell, intraday traders buyers and sellers transaction deadlock, performance is average
.
Downstream manufacturers prepare goods on demand, but under the background of high water premium, fear of heights is obvious, and the willingness to receive goods is not strong
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 72,189 tons on Wednesday, a daily decrease of 2,261 tons, a 5-day decline; On October 22, LME aluminum stocks were 972475 tons, a daily decrease of 2,150 tons, a decline of 5 consecutive days
.
Main positions: the top 20 long positions of Shanghai aluminum main 1912 contract were 80019 lots, minus 861 lots per day, short positions were 84430 lots, daily minus 430 lots, net short positions were 4411 lots, daily increase of 431 lots, long and short were reduced, net short increased
.

On October 23, the main force of Shanghai aluminum 1912 fluctuated
in a narrow range.
Brexit blocked, the pound is under pressure to boost the dollar up, while the downward pressure on the global economy has increased, market pessimism still exists, coupled with the fourth quarter electrolytic aluminum production by the expectation of increasing production, the pressure on aluminum prices, but the current electrolytic aluminum operating capacity remains low, inventory dematerialization continues, and the demand for the home appliance industry has improved, aluminum rod inventory fell after the holiday, which supported the formation of aluminum prices
.
On the reverse side of the spot, the holder is more up, the shipment is not much, while the middleman still shows a positive willingness to receive goods, traders and buyers and sellers are deadlocked, downstream manufacturers prepare goods on demand, but the fear of heights is obvious under the background of high premium, and the willingness to receive goods is not strong
.
Technically, the trading volume of the main 1912 contract of Shanghai aluminum has dropped sharply, focusing on the pressure at the upper 13880 position, and it is expected to run weakly in the short term
.