The macro atmosphere is bearish, and the aluminum contract is under pressure and weak and volatile

In the external market, the decline in European and American stock markets weighed on the sentiment of the commodity market, the upside of London aluminum was limited, and the intraday London aluminum rose slightly, and the upper support focused on $2100
.

In terms of inventory, the total inventory of LME aluminum was 1035275 tons, down 5,750 tons, or 0.
55%,
from the previous trading day.
SHFE aluminum futures warehouse receipt inventory was 685994 tons, an increase of 168 tons
from the previous trading day.

In the market, the quotation of Shanghai spot aluminum ingots was 14410-14450 yuan / ton, down 50 yuan / ton, and the discount for the 1810 contract was 20 yuan / ton - 20 yuan / ton
of premium.
In the spot market, holders have a strong willingness to hold prices, the premium rises rapidly, the supply is tight, the market bargain buying increases, traders are active in inquiry, and the overall transaction performance is better
.

In terms of alumina, Guiyang's primary alumina quotation was 3175 yuan / ton, unchanged from the previous trading day; Shanxi first-class alumina quotation was 3340 yuan / ton, unchanged from the previous trading day; Henan first-class alumina quotation of 3350 yuan / ton, unchanged from the previous trading day, alumina prices showed a small differentiation, Guiyang loosened, Henan, Shanxi firm
.

On the news front, China may refuse an invitation to return to trade talks with the United States, and market worries weighed on the stock and metals markets
with Trump's latest tariff news.
In terms of policy, the local government will promote peak shifting production for heating in the autumn and winter of 2018-2019, which has disappointed the expectation that aluminum in the nonferrous plate is the only possible benefit
.
In terms of raw materials, Hydro reached an agreement with the Brazilian government to resume production, and the domestic alumina manufacturers have loosened their price mentality, and there are a small number of low-price shipments
.
In terms of consumption, aluminum rods are still accumulating
.
Overall, the expectation of limiting production has weakened the market's willingness to do more, the high cost has not yet forced high-cost production capacity to reduce production, the macro atmosphere is empty, and it is expected that the short-term Shanghai aluminum will be weak and volatile
.