Shanghai aluminum rebounded slightly, and the pressure above increased

Market focus: (1) The US consumer price index CPI fell by 0.
8% in April and 0.
4%
in March.
(2) Fed Chairman Jerome Powell will speak on economic issues in the evening, and the market looks for clues
about the Fed's negative interest rate.

Spot analysis: On May 13, spot A00 aluminum was reported at 12750-12790 yuan / ton, with an average price of 12770 yuan / ton, down 270 yuan / ton
per day.
Holders of goods shipment is acceptable, middlemen are more hesitant to receive goods, the two sides trading deadlock, a large household intraday normal purchase, on the whole, intraday traders trading is more general, the early shipment is significantly more than the receiver, the second transaction stage receiver more than the shipper
.
The downstream intraday receiving state was better than the previous day, because the sharp decline in aluminum prices stimulated its enthusiasm
for receiving goods.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 171444 tons on Wednesday, a daily decrease of 2,985 tons, a continuous decline of 18 days; On May 12, LME aluminum stocks were 1354375 tons, an increase of 7,275 tons
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 2007 contracts are 90016 lots, a daily increase of 207 lots, a short position of 115724 lots, a daily decrease of 784 lots, a net short position of 25708 lots, a daily decrease of 991 lots, a long increase and a decrease in net short
.

At present, domestic aluminum inventories still continue to dematerialize, downstream aluminum processing enterprises continue to rise, and the recent rise in aluminum processing fees, demand has improved, supporting aluminum prices
.
However, overseas have 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 there are still concerns about future demand prospects; Coupled with the rebound of aluminum prices, stimulating the release of investment and production capacity, there are growth expectations in the supply of electrolytic aluminum, and the pressure on aluminum prices has increased
.
In terms of spot, intraday traders traded more generally, due to the price decline, there were more receivers than shippers in the second trading stage, and the downstream intraday receiving state was better than the previous day
.
Technically, the main 2007 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
.
Operationally, it is recommended that the Shanghai-aluminum 2007 contract can be short around 12550 yuan / ton, and the stop loss is 12650 yuan / ton
.