The long and short divergence is large, and the Shanghai aluminum high open and fall

Market focus: (1) US President Trump pushed to raise tensions in the Middle East, and U.
S.
oil rebounded
in a wave of declines.
(2) The sixth batch of restricted import approvals this year was announced, of which the import approval of scrap aluminum was 1030 tons, and the total approval amount so far this year is 476679 tons
.
(3) The WBMS monthly report shows that the global primary aluminum market was oversupplied by 684,000 tons in January-February 2020, and 492,000 tons in 2019
.

Spot analysis: On April 23, spot A00 aluminum was reported at 12470-12510 yuan / ton, with an average price of 12490 yuan / ton, a daily increase of 230 yuan / ton
.
In the morning, a large household actively carried out procurement plans in Shanghai and Xi, traders traded actively, and the transaction was better, because the procurement of large households in the later period ended, some traders' attitude turned to wait and see, trading began to show hesitation, and the transaction heat fell significantly earlier
.
Downstream intraday on-demand procurement is the mainstay, due to the sharp rise in aluminum prices, the enthusiasm for buying goods has been suppressed
to a certain extent.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 260086 tons on Thursday, a daily decrease of 6603 tons, down 7 consecutive days; On April 22, LME aluminum stocks were 1298125 tons, down 100 tons
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 2006 contract were 84322 lots, a daily increase of 713 lots, short positions were 96802 lots, a daily increase of 2205 lots, a net short position of 12480 lots, a daily increase of 1492 lots, both long and short increases, and net space increased
.

Domestic electrolytic aluminum plants have reduced production due to losses in the early stage, coupled with the recovery of downstream processing plant production, and Shanghai aluminum inventories have continued to deteriorate recently; At present, due to the market's expectation that the country will lower the tax increase in May, resulting in a decrease in shipment willingness, tight supply has boosted aluminum prices
.
However, the impact of the epidemic on the global economy continues, overseas orders have declined significantly, and downstream demand is still difficult to say optimistic; In addition, the price of alumina fell to a low level, and the willingness of aluminum plants to purchase raw materials increased, which also reduced the production reduction expectations of aluminum plants, and the space above aluminum prices was limited
.
In terms of spot, a large household actively carried out procurement plans in Shanghai and tin in the morning, traders traded actively, and downstream intraday on-demand procurement was the mainstay, due to the sharp rise in aluminum prices, the enthusiasm for buying goods was suppressed
to a certain extent.
Technically, the main 2006 contract of Shanghai aluminum contracted and increased its position, and the long and short divergence was large, and it is expected that the short-term shock adjustment
.