Shanghai aluminum wide volatility The market has rarely been traded

In terms of industry, the recent Shanxi environmental protection inspection, some alumina plants were ordered to reduce production, based on the new production reduction, SMM revised the balance in May, and it is expected that China's alumina production in May (31 days) will be 5.
973 million tons, and the monthly surplus has narrowed sharply to around 150,000 tons, which is the lowest month
of surplus since December 2018.

In terms of the market, aluminum futures opened the month mainly in range volatility, and then fell sharply
.
The first trading stage Shanghai part of the transaction price between 14230-14250 yuan / ton, with the end of a large account receipt, traders after their own trading, the second trading stage Shanghai spot transaction price began to concentrate between 14210 ~ 14230 yuan / ton, the price is basically the same as the previous day, the monthly premium 10 ~ 20 yuan / ton, Wuxi spot transaction price between 14210 ~ 14230 yuan / ton, Hangzhou transaction price between 14230 ~ 14250 yuan / ton
。 Near noon, the market began to rise and fall, the market quotation showed a chaotic situation, and there were few actual transactions
.
Due to the close delivery, superimposed on the future market, the intraday carrier shipments are very active, there are not many receivers, and the two sides trade generally
.
Because the morning price is in a downward channel, the willingness to receive goods downstream is not high, and there is not much
procurement.

In terms of inventories, LME aluminum stocks were 1,261,450 tons on May 13, down 5,125 tons from the previous session; As of May 10, 2019, electrolytic aluminum stocks on the Shanghai Futures Exchange were 601,362 tons, down 20,545 tons
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

During the day, the main 1906 contract of Shanghai aluminum fluctuated widely, although it was bearish on the macro surface, but because some alumina in Shanxi was required to limit production, alumina performed strongly, providing support
for aluminum prices.
In the spot market, the market began to rise and fall sharply near noon, and the market quotation showed a chaotic situation, and there were few actual transactions
.
Due to the close delivery, superimposed on the future market, the carrier shipment is very active, there are not many receivers, and the two sides trade generally
.
On the technical side, the MACD indicator showed repeats, aluminum prices were blocked near the previous high again, and it is recommended to wait for the pullback entry time in the short
term.