Terminal demand performance is weak, and the main force of Shanghai aluminum rushes back down

Market focus: The People's Bank of China announced that it will cut the reserve requirement ratio of financial institutions by 0.
5 percentage points on September 16, 2019, and relevant sources said that the RRR reduction released about 900 billion
yuan of long-term funds.
Powell said that the U.
S.
and global economies are most likely to grow modestly, and does not expect a recession in the United States or even the world, while the central bank has less room for stimulus
.
Indonesian President Joko Widodo has ordered a study of the possibility of tightening the ban on the export of
bauxite and other minerals.

Spot analysis: On September 9, the spot A00 aluminum quotation was 14370-14410 yuan / ton, the average price was 14390 yuan / ton, down 30 yuan / ton
per day.
During the day, a large household received nearly 20,000 tons of goods in the East China market, and the receipt exceeded expectations, because the price was suitable, the cargo carrier was very active, the middleman was willing to receive the goods, the two sides traded actively, and the transaction enthusiasm fell after 11:00
.
Downstream manufacturers can receive goods fairly, because aluminum prices have fallen from last Friday and there is a demand for replenishment, and procurement is more active
.

Warehouse receipt inventory: the total of Shanghai aluminum warehouse receipts on Monday was 136988 tons, a daily decrease of 1273 tons; On September 6, LME aluminum stocks were 923225 tons, an increase of 4,300 tons
per day.
As of the week of September 6, the aluminum inventory of the Shanghai Futures Exchange was 352399 tons, a weekly decrease of 9,578 tons, a decrease of 5 consecutive weeks
.

Main positions: the top 20 long positions of the main 1911 contract of Shanghai aluminum are 77594 lots, an increase of 1803 lots per day, short positions are 96526 lots, a daily increase of 4054 lots, net short positions are 18932 lots, a daily increase of 2251 lots, long and short are increased, and net space increases
.

On September 9, the main force of Shanghai aluminum 1911 rushed back down
.
The People's Bank of China announced a comprehensive RRR cut, which boosted market confidence, while Indonesia intends to accelerate the introduction of a bauxite export ban, which is good for aluminum prices, while the production of midstream electrolytic aluminum plants has declined, electrolytic aluminum stocks have continued, and the support for aluminum prices has strengthened, but the performance of terminal demand is weak, and the upward momentum of aluminum prices is slightly weaker
.
In terms of spot, the willingness of middlemen to receive goods is obvious, the two sides are actively trading, the transaction heat has fallen after 11:00, and downstream manufacturers can receive goods, because aluminum prices have fallen compared with last Friday and there is a demand for replenishment, and procurement is more active
.
Technically, the main 1911 contract of Shanghai aluminum takes the doji, focusing on the support of the 14250 position below, and it is expected that the short-term shock will be strong
.