The main force of aluminum opens high and pulls back short-term shock adjustment

Market focus: (1) The People's Bank of China lowered the RRR by 1 percentage point to small and medium-sized banks, and decided to reduce the interest rate on excess deposit reserves from 0.
72% to 0.
35%.

(2) Chalco said on Friday that due to the current low aluminum prices, the company will consider maintaining or even shutting down some aluminum production facilities and cutting alumina production, which in 2019 produced 3.
79 million tons of aluminum and 13.
8 million tons
of alumina.

Spot analysis: On April 7, spot A00 aluminum was reported at 11620-11660 yuan / ton, with an average price of 11640 yuan / ton, a daily increase of 50 yuan / ton
.
Aluminum prices have risen for two consecutive days during the day, holders consider the monthly average price rise, the willingness to ship is high, the overall performance of the market is more and less, the transaction is slightly deadlocked, but in view of the normal purchase of a large household within the day, the overall transaction of middlemen before the afternoon is more active
.
Normal replenishment
downstream during the day.
The overall transaction in East China is acceptable
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 315782 tons on Tuesday, a daily increase of 16,486 tons; On April 6, LME aluminum stocks were 1,213,400 tons, an increase of 5,475 tons
per day.
As of the week of April 3, the previous Shanghai aluminum inventory reported 521830 tons, a weekly decrease of 6242 tons, a decline of 2 consecutive weeks
.

Main positions: the top 20 long positions of Shanghai aluminum main 2006 contract were 85319 lots, minus 1844 lots per day, short positions were 103794 lots, 21 lots were minus 21 lots, net short positions were 18475 lots, a daily increase of 1823 lots, long and short were reduced, and net space increased
.

The US non-farm payrolls data for March was weaker than expected, risk aversion led to tight US dollar liquidity, and the US dollar index performed strongly; At the same time, domestic alumina plants have resumed work one after another, and the price decline has weakened the cost support and put pressure
on aluminum prices.
However, the epidemic in Europe is showing signs
of inflection.
Moreover, the People's Bank of China lowered the RRR to small and medium-sized banks and lowered excess reserves, and market sentiment picked up; At present, aluminum prices have fallen below the cost line, refinery production reduction expectations have strengthened, coupled with the recent slowdown in the growth of Shanghai aluminum inventories, which has strengthened the support for aluminum prices
.
In terms of spot, the holder takes into account the rise in the average monthly price and the willingness to ship, in view of the normal purchase of a large household within the day, the overall transaction of the middleman before the afternoon is more active, and the downstream normal replenishment
within the day.
Technically, the main 2006 contract daily MACD indicator golden cross, mainstream positions increase and decrease, is expected to short-term shock adjustment
.