The main force of Shanghai aluminum fell sharply, and short-term volatility is expected to be weak

Market focus: (1) On the 15th local time, the Federal Reserve reduced the federal benchmark interest rate by 100 basis points to the level of 0.
00%-0.
25%, and announced that it would restart quantitative easing
.
(2) China's primary aluminum output in January-February was 5.
85 million tons, a year-on-year increase of 2.
4%.

(3) China's aluminum rod production in February was about 573,000 tons, down 24.
16% month-on-month and 9.
7%
year-on-year.

Spot analysis: On March 16, spot A00 aluminum was reported at 12720-12760 yuan / ton, with an average price of 12740 yuan / ton, a daily increase of 90 yuan / ton
.
Intraday is the last delivery day of the month, a large household announced a small number of purchase notices in the morning, the market supply is very loose, the delivery brand volume is not lacking, although the holders actively ship, but the middleman is not strong in purchasing, the spot discount has not significantly narrowed, and the transaction between buyers and sellers is poor
.
Downstream intraday on-demand procurement is the mainstay, and the receiving status is not as good as last Friday
.
The overall intraday transaction in East China was poor
.

Warehouse receipt inventory: the total amount of Shanghai aluminum warehouse receipts on Monday was 294189 tons, an increase of 22,751 tons per day, an increase of 7 consecutive days; On March 13, LME aluminum stocks were 987175 tons, a daily decrease of 7,500 tons, a 23-day
decline.
As of the week of March 13, the aluminum inventory of the Shanghai Futures Exchange was 519542 tons, a weekly increase of 40,070 tons, an increase of 8 consecutive weeks
.

Main positions: the top 20 long positions of Shanghai aluminum main 2005 contract are 93315 lots, a daily increase of 1588 lots, short positions are 107335 lots, a daily increase of 2355 lots, a net short position of 14020 lots, a daily increase of 767 lots, long and short increases, and net space increases
.

During the day, the main force of Shanghai aluminum fell sharply in 2005
.
The global epidemic situation continues to intensify, the impact of the epidemic on the global supply chain will continue to expand, the possibility of recession will increase, and the market panic will accelerate the spread; At the same time, domestic electrolytic aluminum production continues to grow, downstream demand performance is weak, terminal industry recovery still needs time, electrolytic aluminum inventory continues to accumulate, and the pressure on aluminum prices is greater
.
However, the Fed suddenly announced a 100 basis point interest rate cut at the end of last week, and global central banks will further ease monetary policy; Domestic alumina plants were affected by the epidemic due to the poor supply of raw materials, and the alumina inventory of electrolytic aluminum plants was tight, and alumina prices rebounded, which partially supported
aluminum prices.
In terms of spot, a large household announced a small number of procurement notices in the morning, the market supply is very loose, the delivery brand is not lacking, although the holders actively ship, but the middleman is not willing to purchase, downstream intraday on-demand procurement
.
Technically, the main 2005 contract daily moving average group of Shanghai aluminum is arranged, there is pressure at the 13000 position, and the short-term shock is expected to be weak
.