Shanghai aluminum slightly strengthened supported by macro benefits

In terms of industry, the Boguchansk aluminum smelter in Siberia, owned by the Russian aluminum giant Rusal, has officially launched a new production capacity, which is expected to double its annual production capacity to 298,000 tons per year
.

In terms of the market, the market transaction price in the first trading stage is between 13790-13810 yuan / ton, and then aluminum falls rapidly, the second trading stage Shanghai transaction price is between 13770-13790 yuan / ton, the monthly discount of 10 yuan ~ premium 30 yuan / ton, the transaction price increased by more than 20 yuan / ton compared with the previous day, Wuxi the monthly transaction price was between 13770-13790 yuan / ton, Hangzhou that month transaction price was between
13790-13810 yuan / ton 。 The intraday market is more abundant, the morning market is easy to trade, buyers and sellers are actively trading, with the decline of aluminum in the future, superimposed on the pre-holiday traders intend to increase the volume of goods, the willingness of the holders to ship has increased significantly, but the buyer began to take a wait-and-see attitude towards the price, hesitated to receive the goods, and the transaction between the two sides was slightly
deadlocked.
Due to the sufficient stockpiling at the end of March, the downstream processing plant did not show a significant pre-holiday stocking rhythm during the day, mainly on demand, and the overall transaction was average
.

In terms of inventories, LME aluminum stocks were 1,108,825 tons on April 3, down 6,175 tons from the previous session; As of March 29, 2019, electrolytic aluminum stocks on the Shanghai Futures Exchange were 734,990 tons, down 6,767 tons
from the previous week.
From a seasonal perspective, current inventories remain at a high level
compared to the past five years.

Shanghai aluminum slightly strengthened during the day, macro favorable support aluminum price performance strong, but the weakness of alumina prices at the raw material end, inhibiting the upside of aluminum prices, spot market, traders before the holiday intend to increase the volume of sales, holders of shipments willingness to increase significantly, but buyers began to take a wait-and-see attitude towards the price, hesitation to receive goods, the two sides traded slightly
deadlocked.
Due to the sufficient stockpiling at the end of March, downstream processing plants did not show a significant pre-holiday stocking rhythm during the day, mainly on demand
.
On the technical side, the Shanghai-aluminum 1905 contract is strong, above the moving average combination, but whether it can break through the shock range is still in doubt, and short-term it is recommended to be volatile
.