Shanghai aluminum shock pullback There is still greater pressure

Market focus: (1) OPEC and its oil-producing allies reached a historic agreement on Sunday to cut production by 9.
7 million b/d
.
(2) The fifth batch of scrap aluminum import quotas in 2020 totaled 191,100 tons
.

Spot analysis: On April 13, spot A00 aluminum was reported at 11770-11810 yuan / ton, with an average price of 11790 yuan / ton, a daily increase of 60 yuan / ton
.
Due to the price increase, the carrier shipped actively before the afternoon, the middleman was more willing to receive the goods, and the two sides traded well
.
Downstream intraday on-demand goods are mainly taken, and the signs of replenishment are not obvious
.
The overall transaction in East China was acceptable
.

Warehouse receipt inventory: the total number of Shanghai aluminum warehouse receipts on Monday was 291,730 tons, a daily decrease of 3,294 tons, a 4-day decline; On April 9, LME aluminum stocks were 1,239,700 tons, an increase of 12,250 tons per day, an increase of 4 consecutive days
.
As of the week of April 10, the previous Shanghai copper inventory was reported at 511252 tons, a weekly decrease of 10,578 tons, a decline of three consecutive weeks
.

Main positions: the top 20 long positions of Shanghai aluminum main 2006 contract were 88758 lots, a daily increase of 2762 lots, short positions 108964 lots, a daily increase of 3751 lots, a net short position of 20206 lots, a daily increase of 989 lots, long and short increases, net space increased
.

The impact of the epidemic on the global economy is still continuing, the terminal industry has been greatly affected resulting in a decrease in overseas orders, the downstream demand outlook is still pessimistic, while domestic alumina has resumed work one after another, and the continuous decline in prices has weakened cost support, and there is still greater pressure
on aluminum prices.
At present, aluminum prices are still below the cost line, smelters are facing losses and the scale of recent production cuts has increased, coupled with the resumption of production by downstream processing enterprises, demand has been repaired, and the recent decline in domestic electrolytic aluminum spot inventories has limited space below aluminum prices
.
In terms of spot, due to the price increase, the carrier shipped actively before the afternoon, the middleman was more willing to receive the goods, the two sides traded well, and the downstream intraday on-demand goods were mainly taken, and the signs of replenishment were not obvious
.
Technically, the main 2006 contract of Shanghai aluminum increased its position and decreased, facing 11900 first-line resistance, and it is expected that the short-term shock adjustment
.