The main force of Shanghai aluminum is low opening oscillation, and the space below is limited

Market focus: (1) The US $2 trillion stimulus bill was voted by the Senate; Germany's parliament approved a €1.
1 trillion bailout package to protect the economy; the French government passed 25 executive decrees
.
(2) China's primary aluminum imports from January to February were 7811.
42 tons, a sharp decline of 66%
from the same period last year.
(3) On March 26, electrolytic aluminum stocks increased by 20,000 tons to 1.
667 million tons, slowing down; aluminum rod stocks decreased by 04,900 tons to 192,700 tons
.

Spot analysis: On March 26, spot A00 aluminum reported 11500-11540 yuan / ton, the average price was 11520 yuan / ton, up 190 yuan / ton
per day.
For intermediaries, considering that there is a demand for delivery on the first day of long-term delivery, it is more appropriate to superimpose spot discounts, and the positive receipt of goods within the day also promotes the increase in spot prices after the announcement of online prices, and the overall transaction between traders is more active
.
Downstream intraday on-demand procurement is the mainstay, due to the rise in aluminum prices, intraday performance is slightly wait-and-see
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 290784 tons on Thursday, an increase of 575 tons per day; On March 25, LME aluminum stocks were 1098425 tons, down 2,250 tons
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 2005 contract are 73395 lots, minus 11780 lots, short positions are 79021 lots, daily minus 15110 lots, net short positions are 5626 lots, daily minus 3330 lots, long and short are reduced, net space is reduced
.

Intraday Shanghai aluminum main force 2005 low opening oscillation
.
The spread of the global epidemic has intensified, 60 countries have declared a state of emergency, and the United States has more than 10,000 new cases for three consecutive days; The epidemic has led to an impact on the global supply chain, the shutdown of overseas enterprises has increased, and the downstream demand outlook is worrying, putting pressure
on aluminum prices.
However, policies in many countries to cope with the economic impact of the epidemic have been continuously introduced, and a wave of monetary easing has been set off around the world; And the decline in demand and the decline in the Shanghai ratio, China's 1-2 primary aluminum imports fell sharply, the growth rate of domestic electrolytic aluminum inventories slowed down, and the pressure on the inventory side eased; At the same time, upstream alumina inventories continued to decline, price performance resisted, the current aluminum price fell below the cost line, cost support strengthened, aluminum price below the space is limited
.
In terms of spot, the overall shipment of intraday holders is more active, the transaction between traders is more active, and the downstream intraday on-demand procurement is the mainstay, and the daily performance is slightly wait-and-see
.
Technically, the main 2005 contract daily MACD green column contraction of Shanghai aluminum, pay attention to the pressure above 13800, and expect short-term shock adjustment
.