The main force of Shanghai aluminum opened low and rebounded, and the upward momentum was weak

Market focus: (1) On Tuesday, local time, the Trump administration hopes that the US Congress can pass an additional $250 billion small business loan rescue plan
.
(2) Affected by the epidemic, demand has declined, and many aluminum rolling mills and extrusion plants in the United States have closed
.

Spot analysis: On April 8, spot A00 aluminum reported 11550-11590 yuan / ton, the average price was 11570 yuan / ton, down 70 yuan / ton
per day.
Morning holders shipments are more active, middlemen trading is acceptable, with the rise of aluminum prices, holders of shipments converge, although the middlemen have demand for goods, it is difficult to complete the transaction
at this time.
Downstream on-demand procurement within the day, due to the decline in aluminum prices slightly stocked
.
The overall transaction in East China was acceptable
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 314582 tons on Wednesday, a daily decrease of 1,200 tons; On April 7, LME aluminum stocks were 1213750 tons, up 350 tons
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 2006 contract were 87664 lots, a daily increase of 2345 lots, a short position of 103668 lots, a daily decrease of 126 lots, a net short position of 16004 lots, a daily decrease of 2471 lots, more increase and short, a decrease
in net short.

The global epidemic situation is still serious, the impact of the epidemic on the global economy is still expanding, and the decline in demand has led to the closure of many aluminum processing plants in the United States; The improvement of the domestic epidemic has led to the resumption of work on alumina, and the decline in prices has weakened the cost support and put greater pressure on aluminum prices
.
However, global easing has continued to increase, and the United States plans to add $250 billion in stimulus packages, which is conducive to easing the financial pressure on enterprises; At present, aluminum prices have fallen below the cost line, refinery production reduction expectations have strengthened, and the recent slowdown in Shanghai aluminum inventory growth has formed some support
for aluminum prices.
In terms of spot, the morning carrier shipments are more active, the middlemen are acceptable, and the downstream intraday on-demand purchase, due to the decline in aluminum prices slightly
stocked.
Technically, the trading volume of Shanghai's main 2006 contract has continued to decline, the upward momentum is weak, and the short-term shock is expected to be weak
.