The main force of Shanghai aluminum rebounded at a low level, and the actual transaction of the market was average

Market focus: (1) The UK says it is unfair to make the UK comply with EU rules and goes beyond the conditions
set by the EU in other trade agreements.
(2) On the basis of implementing various prevention and control measures, Baotou Aluminum Industrial Park has scientifically and orderly promoted the resumption of work and production of enterprises in the park, and 33 productive enterprises have resumed production
.
By the end of February, 16 more companies planned to resume work
.

Spot analysis: On February 18, spot A00 aluminum was reported at 13590-13630 yuan / ton, with an average price of 13610 yuan / ton, a daily increase of 60 yuan / ton
.
Intraday traders are more active in trading, holders are actively shipping, and middlemen are more willing to receive goods, but limited by the fact that some warehouse aluminum ingots are more difficult to leave the warehouse, so the actual transaction between the two sides is general, and the spot discount after delivery is also large
.
Although the downstream has gradually started construction, the demand for raw materials has not yet been fully reflected, and there is no obvious sign of
receiving goods within the day.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 200569 tons on Tuesday, a daily increase of 3464 tons, an increase of 13 consecutive days; On February 17, LME aluminum stocks were 1192375 tons, down 14,075 tons
per day.

Main positions: the top 20 long positions of Shanghai aluminum main 2004 contract are 70290 lots, daily decrease of 383 lots, short positions of 81216 lots, daily increase of 2521 lots, net short positions of 10926 lots, daily increase of 2904 lots, more short increase, net space increase
.

On February 18, the main force of Shanghai aluminum in 2004 rebounded
at a low level.
China's central bank on Monday invested 200 billion yuan in medium-term funds and cut interest rates by 10 basis points; China's epidemic situation showed a downward trend, downstream aluminum companies entered a state of resumption of work, and at the end of February, enterprises planned to resume work, which is conducive to the recovery of downstream demand and supports aluminum prices; However, there is uncertainty in the UK-EU negotiations and pressure on non-US currencies, which has continued to strengthen the US dollar; At the same time, the accumulation of domestic electrolytic aluminum inventory has accelerated, and there is still an expectation of the release of electrolytic aluminum production capacity in the future, the inventory pressure is large, and the aluminum price lacks upward momentum
.
In terms of spot, intraday traders are more active, holders actively ship, middlemen are more willing to receive goods, but limited by some warehouses aluminum ingots are more difficult to go out of the warehouse, so the actual transaction between the two sides is general, although the downstream gradually started, but the demand for raw materials has not yet been fully reflected
.
Technically, the main 2004 contract of Shanghai aluminum daily KDJ dead cross signs, mainstream short positions increase large, is expected to short-term low volatility
.