Sino-US trade worries eased, and the main shock of Shanghai aluminum fluctuated higher

In terms of industry, the output of primary aluminum (electrolytic aluminum) in April was 2.
92 million tons, an increase of 3.
9% year-on-year; The cumulative output from January to April was 11.
48 million tons, a year-on-year increase of 4.
1%.

Spot analysis: The opening of the month of aluminum is mainly
range-bound.
The first transaction stage Shanghai part of the transaction price between 14320-14340 yuan / ton, a large account in this price range in East China received more than 10,000 tons, the holder shipment is very active, and then into the second trading stage, after the end of the acquisition of the large account, traders began to trade by themselves, Shanghai spot transaction price began to concentrate between 14310 ~ 14330 yuan / ton, the price rose more than 100 yuan from the previous day, the monthly plate discount 20 ~ 10 yuan / ton, Wuxi spot transaction price in 14310 ~ Between 14330 yuan / ton, the transaction price in Hangzhou is between
14330~14350 yuan / ton.
Due to the sharp rise in aluminum prices, there are still more market shipments than receivers, and the premium has dropped significantly compared with the previous day, and traders and middlemen are trading better
.
However, the downstream fear of heights is obvious, mainly on-demand procurement, and the amount of goods received is not much
.

In terms of inventories, LME aluminum stocks were 1,255,450 tons on May 14, down 6,000 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 1907 contract of Shanghai aluminum fluctuated higher, as Sino-US trade concerns eased, and some alumina in Shanxi was required to limit production, and alumina performed strongly, providing support
for aluminum prices.
On the technical side, aluminum prices broke through the previous high, closing at a high in nearly 7 months, the average line showed a long arrangement, and short-term aluminum prices were still strong
.
Operationally, it is recommended that the Shanghai-aluminum 1907 contract maintain a long operation
above 14200 yuan / ton.