The main force of Shanghai aluminum opened low and went low, showing a slight weakening trend in the short term

Industry: Total global primary aluminum production rose to 5.
414 million mt in March, compared with 4.
916 million mt
revised in February, data released by the International Aluminium Association (IAI) on Tuesday.
The average daily output of primary aluminum in March was 174,600 tons, compared with 175,600 tons
after revision in February.
Excluding China and unreported regions, global primary aluminum production in March was 2.
191 million mt, with an average daily output of 70,700 mt
.
China's output is expected to rise to 3.
073 million mt in March, compared with a revised 2.
776 million mt
in February.

Spot analysis: the first trading stage of aluminum is mainly range-bound, Shanghai trading price is between 14150-14160 yuan / ton, near the opposite flat water, with the rapid decline of aluminum in the second trading range, the market spot transaction price began to concentrate at 14120-14140 yuan / ton, the opposite flat water to 10 yuan / ton, down nearly 40 yuan / ton from the previous day, Wuxi trading price between 14120-14140 yuan / ton, Hangzhou transaction price between 14150-14170 yuan / ton
。 The market has sufficient supply, but the receiving price market of a large household is difficult to recognize and the receipt volume is not much, the holder itself actively ships, but the receiver is still less than the shipper, and the actual trading activity of the two sides is not high
.
Spot prices fell, and the downstream did not show obvious willingness to stock up, and there was still a wait-and-see mood, mainly based on just-needed
purchases.

In terms of inventories, LME aluminum stocks were 1,047,100 tons on April 23, down 6,825 tons from the previous session; As of April 19, 2019, electrolytic aluminum stocks on the Shanghai Futures Exchange were 665,067 tons, down 36,071 tons
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

The main 1906 contract of Shanghai aluminum opened low and went low during the day, and the recent favorable supply side and the decline in Lun Shanghai aluminum inventories supported the strong performance of aluminum prices, but whether it can be further upward in the future, it is necessary to pay attention to the downstream demand
.
In the spot market, spot prices fell, and the downstream did not show obvious willingness to stock up, and there was still a wait-and-see mood, mainly based on just-needed procurement
.
On the technical side, the Shanghai aluminum 1906 contract opened low and went low, from the 60-minute line, aluminum prices showed a slight weakening in the short term, and will show a pullback
in the near future.
Operationally, it is suggested that the Shanghai-aluminum 1906 contract can consider short-term short order participation
at high prices.