The main force of Shanghai aluminum is under pressure to the downside, and the transaction between the two sides of the market is general

Market focus: (1) Bank of Montreal predicts that the Fed may cut interest rates in March or April in 2020
.
(2) According to SMM data, the average operating rate of electrolytic aluminum enterprises in China in January this year was 89.
5%, and it is expected to remain flat in February; The operating rate of downstream aluminum processing enterprises is still low, and it is expected that the operating rate of aluminum plate and strip enterprises will drop to about
57% in February.
(3) As of the week of February 27, the arrival of aluminum rods was stable and limited to storage, and the inventory of aluminum rods increased by 19,300 tons from last Thursday to 212,400 tons
.

Spot analysis: On February 27, spot A00 aluminum was reported at 13370-13410 yuan / ton, with an average price of 13390 yuan / ton, down 40 yuan / ton
per day.
A large account did not announce the procurement plan within the day, lack of this part of participation, the market aluminum ingot spot supply is loose, the holder shipment is very active, in contrast, the buyer's power is not enough, the market is more than less, the transaction between the two sides is average
.
The downstream intraday receipt was flat, and there were no obvious bright spots
.
The overall intraday transaction in East China is average
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 207431 tons on Thursday, an increase of 2,656 tons per day; On February 26, LME aluminum stocks were 1103575 tons, down 11,825 tons
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 2004 contract were 80807 lots, a daily increase of 5014 lots, short positions of 98351 lots, a daily increase of 3493 lots, a net short position of 17544 lots, a daily decrease of 1521 lots, both long and short increases, and net space decreases
.

During the day, the main force of Shanghai aluminum came under pressure in 2004
.
The global new crown pneumonia epidemic continues to spread, of which South Korea's new confirmed cases surged by 334 on the 27th, and market concerns rose; At the same time, the resumption of work of downstream processing enterprises is slow, the oversupply situation is intensifying, and the recent domestic electrolytic aluminum inventory continues to accumulate, which puts greater pressure on aluminum prices
.
However, the US PMI data for February was less than expected, and the risk of the epidemic increased, which put pressure on the US dollar; At the same time, the price of electrolytic aluminum has declined, the production profit of enterprises has been continuously compressed, the cost support has gradually strengthened, and the downward space of aluminum prices is limited
.
In terms of spot, a large household did not announce the procurement plan within the day, lack of this part of participation, the market aluminum ingot spot supply is loose, the holder shipment is very active, in comparison, the buyer's power is not enough, the market is more and less, and the transaction between the two sides is average
.
The downstream intraday receipt was flat, and there were no obvious bright spots
.
Technically, the main 2004 contract of Shanghai aluminum increased its position, and the mainstream short position increased significantly, and it is expected to continue to explore the short-term downward
.