Shanghai aluminum shock fell slightly, and the downstream fear of heights has not changed

Market focus: The leaders of the high-level economic and trade consultations between China and the United States made solemn representations on the issue of tariffs on Chinese exports to the United States on September 1, and agreed to call
again in the next two weeks.
US CPI rose 0.
3% m/m in July, in line with expectations; July CPI rose 1.
8% y/y, 1.
7% expected; Core CPI rose 2.
2% y/y versus 2.
1%
expected.
China's primary aluminum production in July was 2.
98 million tons, up 0.
2% month-on-month and down 2% year-on-year; Daily average primary aluminum production in July was about 96,000 tonnes, down from a record 99,000 tonnes
in June.

Spot analysis, on August 14, spot A00 aluminum quotation 14130-14170 yuan / ton, the average price of 14150 yuan / ton, down 100 yuan / ton
from the previous trading day.
In the morning, a large household received more than 10,000 tons, the price was more recognized by the holder, the carrier shipped very actively, and the middleman received the goods actively, but with the completion of the receipt of the goods by the large household, the enthusiasm of the transaction between traders fell, and the price began to concentrate around 14150-14160 yuan / ton, and the actual transaction was not as good as in the
morning.
Although the price of spot aluminum ingots has fallen from the previous day, it is still at a relatively high level, and the downstream fear of heights has not changed, and a small amount of on-demand goods are not purchased during the day
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 136655 tons on Wednesday, a daily decrease of 650 tons; On August 13, LME aluminum stocks were 984,300 tons, a daily decrease of 7,225 tons
.

Main positions: the top 20 long positions of Shanghai aluminum main 1910 contract are 96391 lots, daily decrease of 2829 lots, short positions of 114910 lots, daily increase of 497 lots, net short positions of 18519 lots, daily increase of 3326 lots, more short increase, net space increase
.

Market research and judgment, Shanghai aluminum main 1910 contract shock slightly declined
.
The high-level call between China and the United States eased the market pessimism, coupled with the upstream alumina price to stop falling flat, the midstream electrolytic aluminum inventory continued to degrade, which was positive for aluminum prices, but the weak performance of downstream demand formed some pressure
on aluminum prices.
In terms of spot, in the morning, a large household received more than 10,000 tons, the price was more recognized by the holder, the carrier shipped very actively, and the middleman received the goods actively, but with the completion of the receipt of the goods by the large household, the enthusiasm of the traders to make their own transactions fell, the downstream fear of heights did not change, a small amount of on-demand goods within the day, and the purchase was not much
.
Technically, the daily MACD red column of the main 1910 contract of Shanghai aluminum is growing, and it is expected that the short-term shock will be strong
.