The main force of Shanghai aluminum fluctuated slightly, and long and short trading was cautious

Market focus: (1) China's manufacturing PMI in March was 52.
0%, up 16.
3 percentage points from the previous month; the non-manufacturing PMI was 52.
3%, up 22.
7 percentage points
from the previous month.
(2) Demand for aluminum, a light metal, will fall 8% this year, reflecting a serious decline in major economies around the world, and aluminum production may exceed global consumption by 6 million tons or 4 million tons
this year.

Spot analysis: On March 31, spot A00 aluminum was reported at 11460-11500 yuan / ton, with an average price of 11480 yuan / ton, up 10 yuan / ton
per day.
Intraday cargo holders are more active than the previous day, middlemen are more willing to receive goods, and the two sides can trade
fairly.
Downstream purchases were normal within the day, and the receiving status did not significantly improve compared with the previous day
.
The overall intraday transaction in East China is average
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts on Tuesday totaled 305927 tons, an increase of 1120 tons per day, an increase of 4 consecutive days; On March 30, LME aluminum stocks were 1150775 tons, an increase of 19,100 tons
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 2005 contract were 83155 lots, a daily increase of 456 lots, short positions were 82932 lots, a daily decrease of 3182 lots, a net long position of 223 lots, a daily increase of 3638 lots, more increase and short, net space increased
.

On March 31, the main force of Shanghai aluminum 2005 fluctuated slightly
.
The global epidemic continues to spread, with the number of confirmed cases in the United States still soaring, and the Federal Reserve expects employment to decrease by 47 million; The epidemic has led to an increase in the shutdown of overseas enterprises, the downstream demand outlook is worrying, and the inventory of Shanghai and Lun has increased in recent days; At the same time, domestic alumina plants have resumed work one after another, and the price decline has weakened the cost support, and the pressure on aluminum prices is greater
.
However, China's manufacturing PMI returned to expansion territory in March; At the same time, the current aluminum price fell below the cost line, and refiners reduced production and storage expectations, which supported aluminum prices
.
In terms of spot, intraday cargo holders are more active than the previous day, middlemen are more willing to receive goods, the two sides are trading fairly, downstream intraday normal procurement, and the receiving status has not significantly improved
compared with the previous day.
Technically, the main 2005 contract of Shanghai aluminum reduced its position, and long and short trading was cautious, and short-term shock adjustment
was expected.