The main force of Shanghai aluminum opened low and fluctuated, and the overall sentiment of the market was pessimistic

Market focus: (1) The World Health Organization declared the new coronavirus a global pandemic
.
It could further destabilize already fragile world markets, leading to tighter travel and trade restrictions
.
(2) The Ministry of Industry and Information Technology reported that the risk of overcapacity in the aluminum industry still exists, downstream consumption is not optimistic, and the new production capacity
of electrolytic aluminum is strictly controlled.
(3) As of March 12, electrolytic aluminum stocks increased by 103,000 tons to 1.
593 million tons; aluminum rod stocks decreased by 19,500 tons to 199,300 tons
.

Spot analysis: On March 12, spot A00 aluminum was reported at 12730-12770 yuan / ton, with an average price of 12750 yuan / ton, down 60 yuan / ton
per day.
The market has sufficient supply, the holders are actively shipping, the receivers are relatively few, and a large market does not announce the purchase plan within the day, the market demand is poor, there are more shippers than receivers, and the transaction price is slightly deadlocked, and the actual transaction between buyers and sellers is poor
.
Downstream intraday on-demand stocking, do not buy the decline in aluminum prices, the overall sentiment is pessimistic, and the receipt of goods is flat
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 256721 tons on Thursday, a daily increase of 2,304 tons, an increase of 5 consecutive days; On March 11, LME aluminum stocks were 1,002,300 tons, a daily decrease of 7,725 tons, and a decline of 21 consecutive days
.

Main positions: the top 20 long positions of Shanghai aluminum main 2005 contract are 91777 lots, a daily increase of 762 lots, a short position of 106517 lots, a daily decrease of 1350 lots, a net short position of 14740 lots, a daily decrease of 2112 lots, more increase and short, a decrease
in net space.

Intraday Shanghai aluminum main force 2005 low opening oscillation
.
The World Health Organization has declared the coronavirus outbreak a global pandemic, and the epidemic will have a huge impact on the global supply chain; At the same time, domestic electrolytic aluminum production continues to grow, downstream demand performance is weak, electrolytic aluminum inventory continues to increase, and the pressure on aluminum prices is greater
.
However, the expected range of interest rate cuts in the US March decision reached 75 points, and global central banks will further ease monetary policy; Domestic alumina production declined due to the epidemic, and alumina prices rebounded, which partially supported
aluminum prices.
In terms of spot, the intraday market has sufficient supply, holders are actively shipping, there are relatively few receivers, downstream intraday on-demand stocking, do not buy the decline in aluminum prices, the overall sentiment is pessimistic, and the receipt is flat
.
Technically, the main 2005 contract daily moving average group of Shanghai aluminum is arranged, focusing on the pressure at the 13,000 position, and the short-term shock is expected to be weak
.
In operation, it is recommended that the Shanghai-aluminum 2005 contract can be short near 12920 yuan / ton, and the stop loss is 12970 yuan / ton
.