Shanghai aluminum weak finishing is still in the volatility range

In terms of industry, sources said mining giant Glencore can buy 200,000 tonnes of aluminium from the LME market and will pick up the goods
at the warehouse in Port Klang, Malaysia, owned by ISTIM UK.
Glencore's move will pose a direct challenge to ISTIM, which is preventing companies from withdrawing LME registered metals
from their Klang warehouses.

In terms of the market, the mainstream trading price in Shanghai was traded between 13340-13360 yuan / ton, the mainstream transaction price fell by more than 30 yuan / ton from last Friday, the spot pair began to stick 70-60 yuan / ton in the same month, Wuxi transaction price concentrated 13340-13360 yuan / ton, Hangzhou transaction price concentrated between
13350-13360 yuan / ton.
Warehouse inventories have been accumulating this week, the market is circulating and the market is in sufficient supply, and holders are very active in shipments, so the discount is slightly wider
than the previous day.
Chalco East China purchased nearly 5,000 tons, and traders and middlemen traded actively
.
On the fifteenth day of the first month, the downstream manufacturers have basically started work normally, the receiving status is normal, and because the aluminum price is lower than the previous day, the downstream low price has a certain willingness to purchase, and the receipt is acceptable
.
The overall transaction in East China is good
.

In terms of inventories, LME aluminum stocks were 1,260,325 tons on February 18, down 6,275 tons from the previous session; As of February 15, 2019, LME aluminium stocks stood at 1,266,600 tonnes, down 6,900 tonnes
from the previous session.
From a seasonal perspective, current inventories remain low compared to the last five years
.

Intraday Shanghai aluminum weak sorting, due to the macro atmosphere brought optimism gradually digested, aluminum price trend still need to return to fundamentals, in the current weak fundamental background, aluminum price upside is limited
.
In the spot market, downstream manufacturers have basically started work normally, the receiving status is normal, and because the aluminum price is lower than the previous day, the downstream low price has a certain willingness to purchase, and the receipt is acceptable
.
On the technical side, the futures price is still in the volatility range, but the resistance of the upper 40-day moving average is significantly larger
.