The main force of Shanghai aluminum fluctuates upward, and the market has not yet shown a clear stocking rhythm

Market focus: On September 17, local time, the United States announced 3 batches of tariff exclusion list notices for China, a total of 437 commodities, and 11 batches
have been announced since December 28, 2018.
European Commission President Jean-Claude Juncker said on Thursday he was confident the withdrawal deal would be passed
by the deadline.
The state attaches great importance to the ecological protection of the Yellow River Basin, the main aluminum industrial base is included, Antai data shows that the current electrolytic aluminum construction capacity around the Yellow River Basin is 19.
38 million tons / year, accounting for 47.
6% of the country, and the alumina built capacity is 61.
8 million tons / ton, accounting for 70.
9%
of the country.

Spot analysis: On September 20, SMM spot A00 aluminum quotation was 14260-14300 yuan / ton, the average price was 14280 yuan / ton, a daily increase of 10 yuan / ton
.
In the morning, Shanghai and Xi holders shipped OK, led by a large number of acquisitions, the transaction was good, but it was difficult to reach agreement with the middleman on the price, the transaction was slightly deadlocked, with the rise of aluminum, the shipper's shipment converged, the middleman at this time although the price increased to receive the goods, but the shipper began to show the price of the sale, the transaction activity declined
.
Downstream manufacturers consider the weekend production demand, some stocks during the day, but the price is slightly wait-and-see, and has not yet shown a clear rhythm of National Day stocking
.

Warehouse receipt inventory: last Friday, the total Shanghai aluminum warehouse receipt was 113128 tons, a daily decrease of 19,952 tons; On September 19, LME aluminum stocks were 900725 tons, a daily decrease of 3,450 tons
.

Main positions: the top 20 long positions of the main 1911 contract of Shanghai aluminum are 73971 lots, minus 2058 lots, short positions are 85628 lots, daily minus 5506 lots, net short positions are 11657 lots, daily minus 3448 lots, long and short are reduced, and net space is reduced
.

On September 20, the main force of Shanghai aluminum 1911 fluctuated upward
.
The Brexit agreement is expected to pass, the euro, the pound is rising, the US dollar is under pressure to fall, while the United States excludes some goods with tariffs on China, market worries are slightly slower, electrolytic aluminum inventories continue to decline, peak season is expected to come, aluminum prices are strong, and downstream demand performance is weak, aluminum rod inventory continues to accumulate, forming part of the pressure
on aluminum prices.
In terms of spot, in the morning, Shanghai and tin holders shipments are acceptable, but the transaction is slightly deadlocked, with the rise of aluminum futures, holders of shipments converge, downstream manufacturers consider weekend production demand, there is part of the stock during the day, but has not yet shown a clear rhythm of National Day stocking
.
Technically, the daily MACD green column of the main 1911 contract of Shanghai aluminum shortened, focusing on the support at the 14000 position, and it is expected that the short-term shock will be strong
.