The main force of Shanghai aluminum opens low and goes low, and the overall center of gravity may be slightly lowered

Market focus: (1) The minutes of the Fed meeting show that it will take some time for the US economy to make substantial progress, and the economy is still far from the Fed's goal; Several officials believe it would be appropriate
to start tapering bond purchases "sometime" at an upcoming meeting if the economy continues to grow rapidly.
(2) The executive meeting of the State Council focused on the issue
of commodity prices for two consecutive times.
(3) As of the 20th, China's aluminum ingot spot inventory (10,000 tons) totaled 101.
8, down 2.
5
from the previous data (May 17).

Spot analysis: On May 20, spot A00 aluminum was reported at 19090-19130 yuan / ton, with an average price of 19110 yuan / ton, down 440 yuan
per day.
The market has sufficient supply, the holders ship at high prices, traders receive goods at low prices, the enthusiasm of large households to receive goods is acceptable, and the transaction activity has improved
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 171022 tons on Thursday, down 7,242 tons from the previous trading day; On May 19, LME stocks were 1759675 tonnes, down 5,850 tonnes
per day.

Main positions: the top 20 long positions of Shanghai aluminum main 2107 contract held 165259 lots, a daily increase of 5912 lots, a short position of 153633 lots, a daily decrease of 3165 lots, a net long position of 11626 lots, a daily increase of 9579 lots, long and net short increases, and short decreases
.

Market Facts: According to the Fed's April policy meeting, a number of Fed policymakers believe it is appropriate
to start discussing tapering at "sometime" in future policy meetings if the economy continues to grow rapidly.
The Fed's hint that it would start discussing tapering quantitative easing gave the dollar a boost
.
On the policy front, the national government will once again focus on commodity prices, and market sentiment has been frustrated
again.
On the supply side, the recent opening of overseas import windows has been superimposed on the rise in production of alumina and primary aluminum, and the overall supply has increased
.
In terms of demand, the social inventory of domestic aluminum ingots and aluminum rods is still in a state of decomposition, the production and sales data of new energy vehicles are eye-catching, and the peak season just needs to strongly support aluminum prices
.
Overall, in the near future, Shanghai aluminum long and short intertwined, aluminum prices may maintain a volatile pattern, the overall center of gravity may be slightly reduced
.
Technically, the main 2107 contract day MACD indicator of Shanghai aluminum shows a significant expansion of the green kinetic energy column, focusing on moving average support
.