The main force of Shanghai aluminum oscillated and rose, and the upper space was limited

Market Focus: (1) The panic selling of U.
S.
crude oil spilled over into contracts for June delivery, and as refineries restrict operations, those receiving crude oil delivery may have nowhere to store
.

Spot analysis: On April 22, spot A00 aluminum was reported at 12240-12280 yuan / ton, with an average price of 12260 yuan / ton, unchanged from the previous day
.
Before the afternoon, a large household received goods more positively, the market sentiment was better, the cargo holders were actively shipped, the middlemen were also active, the two sides traded well, and the market transaction heat fell
after 11:30.
Downstream intraday on-demand procurement is the mainstay, and the enthusiasm for buying goods is general
.
The overall transaction in East China was good
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 266689 tons on Wednesday, a daily decrease of 10,562 tons, a decline of 6 consecutive days; On April 21, LME aluminum stocks were 1298225 tons, down 2,725 tons
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 2006 contract were 83609 lots, a daily increase of 1360 lots, short positions were 94597 lots, a daily decrease of 1012 lots, a net short position of 10988 lots, a daily decrease of 2372 lots, more short increases, and a decrease
in net space.

Domestic electrolytic aluminum plants have reduced production due to losses in the early stage, coupled with the recovery of downstream processing plant production, and Shanghai aluminum inventories have continued to deteriorate recently; At present, due to the market's expectation that the country will lower the tax increase in May, resulting in a decrease in shipment willingness, tight supply has boosted aluminum prices
.
However, the impact of the epidemic on the global economy continues, overseas orders have declined significantly, and downstream demand is still difficult to say optimistic; In addition, the price of alumina fell to a low level, and the willingness of aluminum plants to purchase raw materials increased, which also reduced the production reduction expectations of aluminum plants, and the space above aluminum prices was limited
.
In terms of spot, a large household received goods more actively before the afternoon, the cargo holder was active in shipments, the middleman was also active in receiving goods, and the downstream intraday on-demand procurement was the mainstay
.
Technically, the main 2006 contract daily MACD red column contraction of Shanghai aluminum, the increase of mainstream positions and the reduction of short, is expected to be adjusted in short-term
shocks.
Operationally, it is recommended that the Shanghai aluminum 2006 contract can operate in the range of 12,000-12,500 yuan / ton, with a stop loss of 100 yuan / ton
each.