The main force of Shanghai aluminum declines and oscillations It is expected that the space below is limited

Market focus: The Fed's FOMC interest rate meeting decided to cut interest rates by 25 basis points, in line with market expectations
.
However, Powell then hinted that the rate cut was not necessarily the beginning of an easing cycle, and the dovish intention was to reduce
it.
The twelfth round of China-US high-level economic and trade consultations concluded in Shanghai, and intensive consultations will be held in August to prepare
for the next round of high-level economic and trade consultations in September.
According to Antaike, following the announcement of the suspension of production and maintenance by a company in Shanxi last week, the news
of a 400,000-ton reduction in production by an enterprise in Henan has recently been reported.
In June 2019, China's pre-baked anode exports were about 131,000 tons, an increase of about 52.
5% month-on-month and a slight decrease of about 0.
2%
year-on-year.

Spot analysis, on August 1, spot A00 aluminum quotation 13850-13890 yuan / ton, the average price of 13870 yuan / ton, compared with the previous trading day 40 yuan / ton
.
In the morning, a large household received more than 10,000 tons of goods before noon, the cargo holders were actively shipped, the middlemen traded actively, the overall transaction activity of the market was high, and the receivers began to significantly exceed the shippers after 11:00, and the holders were optimistic about the future market superimposed on the tightening of the looseness of the supply in the East China market, the willingness to ship began to converge, and the spot premium increased to around
20 yuan / ton.
The downstream is still dominated by on-demand procurement, and there are no obvious bright spots
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 145168 tons on Thursday, a daily decrease of 1294 tons; On July 31, LME aluminum stocks were 1028875 tons, an increase of 5,000 tons
per day.

Main positions: the top 20 long positions of the main 1909 contract of Shanghai aluminum are 77905 lots, minus 2135 lots per day, short positions are 84898 lots, daily minus 2919 lots, net short positions are 6993 lots, daily minus 784 lots, long and short are reduced, net space is reduced
.

Intraday Shanghai aluminum main force 1909 contract shock adjustment
.
The Fed cut interest rates by 25 points as expected, but then Powell's dovish speech was reduced, which made the dollar higher, coupled with the continued downward trend of upstream alumina prices, putting pressure on aluminum prices, but aluminum inventories have a downward trend, and upstream alumina plants have reduced production, which is positive for aluminum prices
.
In terms of spot, a large household received more than 10,000 tons of goods before noon in the morning, the holders were actively shipped, the middlemen traded actively, the overall transaction activity of the market was high, and the downstream was still dominated by on-demand procurement, and there were no obvious highlights
.
Technically, the main 1909 contract of Shanghai aluminum has gone down the shadow, and it is expected that the space below is limited
.