The main force of Shanghai aluminum is downward shock, and market panic is heating up

Market Focus: Kudlow said U.
S.
and Chinese representatives had a "productive" call on trade talks on Wednesday, with one more in the coming days
.
Fed Chairman Jerome Powell will speak on Friday at 22:30 Beijing time on the challenges facing
monetary policy.
Guinea Power Mining has postponed the construction of the mine's infrastructure until December this year, and its bauxite mine reserves are about 190 million tons, the mining life can reach about 20 years, and the project is designed to have an annual production capacity of 6 million tons, which is scheduled to start production
by the end of 2020.

Spot analysis: On August 23, the spot A00 aluminum quotation was 14290-14330 yuan / ton, and the average price was 14310 yuan / ton, down 50 yuan / ton
from the previous trading day.
The supply of goods in the intraday market was tight, the holders were still hesitant to sell at high prices, the spot premium increased compared with the previous day, the enthusiasm of middlemen to receive goods remained undiminished, the market performance received more and less, and the actual transaction was relatively deadlocked
.
Subsequently, the price of aluminum fell, so the trading heat weakened, the willingness of holders to ship further converged, and the actual transaction was less
.
Due to the fact that the spot price was lower than the previous day near the weekend, downstream manufacturers had some stocks, and the enthusiasm for procurement increased to a certain extent compared with the previous day
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 146701 tons on Friday, a daily decrease of 847 tons; On August 22, LME aluminum stocks were 941,350 tons, a daily decrease of 6,575 tons
.
Main positions: the top 20 long positions of the main 1910 contract of Shanghai aluminum are 105370 lots, a daily decrease of 9287 lots, a short position of 123547 lots, a daily decrease of 6617 lots, a net short position of 18177 lots, a daily increase of 2670 lots, long and short are reduced, and net space increases
.

On August 23, the main 1910 contract of Shanghai aluminum fluctuated
to the downside.
The US manufacturing PMI fell into contraction territory in August and the Fed's interest rate cut expectations declined, which increased market panic and put pressure on aluminum prices, but the price of upstream alumina production reduction stabilized and midstream electrolytic aluminum inventories continued to deteriorate, which was positive for aluminum prices
.
In terms of spot, the market supply is tight, the holders are still willing to sell at a high price, the enthusiasm of middlemen to receive goods has not decreased, the market performance is more and less, and then the price of aluminum falls, so the enthusiasm of trading becomes weaker, the willingness of holders to ship is further converged, and downstream manufacturers have some stocks
.
Technically, the main 1910 contract of Shanghai aluminum focuses on the support of the 14180 position below, and is expected to recover from the short-term low
.