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On Thursday, LME aluminum shock adjustment, as of 15:00 Beijing time, 3-month Lun aluminum was reported at 1785 US dollars / ton, down 0.
39%
on the day.
The main 1911 contract of Shanghai aluminum opened low and weakened, with the highest 14205 yuan / ton and the lowest 14095 yuan / ton during the day, closing at 14135 yuan / ton, down 0.
56%
from the previous trading day's closing price.
Market focus: The Fed announced a 25 basis point rate cut, but there is little indication of further rate
cuts in the future.
The Bank of Japan kept monetary policy unchanged but signaled it could act at next month's meeting, saying it believed there might be insufficient momentum to achieve its inflation target
.
WBMS data shows that the global aluminum market supply shortage from January to July 2019 was 302,000 tons, and the supply gap from January to June was 492,000 tons, and China's apparent demand decreased by 1.
1%
compared with the same period last year.
Spot analysis: On September 19, the spot A00 aluminum quotation was 14250-14290 yuan / ton, the average price was 14270 yuan / ton, down 70 yuan / ton
per day.
During the day, the shipments of Shanghai and tin holders converged compared with the previous two days, the quotation was firm, and the middlemen actively received goods at low prices, but they were willing to accept that the price was difficult to reach an agreement with the holders, the transaction between buyers and sellers was slightly deadlocked, and the aluminum performance in the early afternoon was running sideways, and the spot transaction spread was narrow and difficult to expand
.
Downstream manufacturers mainly purchase on demand, and the enthusiasm for receiving goods is not as good as the previous two days
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 133,080 tons on Thursday, a daily decrease of 6,096 tons; On September 18, LME aluminum stocks were 904175 tons, down 1,550 tons
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 1911 contract are 76029 lots, minus 3216 lots per day, short positions are 91134 lots, daily minus 8862 lots, net short positions are 15105 lots, daily minus 5646 lots, long and short are reduced, net space is reduced
.
On September 19, the main force of Shanghai aluminum 1911 opened low and weakened
.
The Fed cut interest rates as scheduled, but Powell did not express a stronger willingness to cut interest rates, the dollar rose, while downstream demand was weak, downstream aluminum rod inventories continued to accumulate, putting pressure on aluminum prices, but the current electrolytic aluminum stocks are slowly destocked, and upstream alumina prices stabilized, partially supporting
aluminum prices.
In terms of spot, the shipments of Shanghai and Xi holders have converged compared with the previous two days, and the middlemen actively receive goods at low prices, but it is difficult to reach an agreement with the holders at the acceptable price, and downstream manufacturers mainly purchase on demand
.
Technically, the daily MACD green column growth of the main 1911 contract of Shanghai aluminum is expected to be weak in the short term
.
