The main force of Shanghai aluminum rushed back down and is expected to encounter obstacles in the short term

Market focus, the European Central Bank announced that the three major interest rates were unchanged, and President Draghi continued to send dovish signals, saying that a highly accommodative policy exit needs to be maintained for a long time
.
The preliminary Markit manufacturing PMI in October actually released 51.
5, higher than the expected 50.
9 and the previous value of 51.
1
.
RUSAL announced that aluminum production in the third quarter of 2019 totaled 942,000 tons, an increase of 0.
4% quarter-on-quarter; Aluminum sales volume was 1.
091 million tons, an increase of 0.
8%
quarter-on-quarter.

Spot analysis, on October 25, spot A00 aluminum quotation 13970-14010 yuan / ton, the average price of 13990 yuan / ton, the same
as the previous day.
In the morning, a large household took the lead in receiving goods, the quotation was relatively high, the holder recognized and actively shipped, the second trading stage aluminum price fell, the holder's enthusiasm for shipment was not reduced, but the quotation was relatively firm, the premium remained stable, and the middleman actively received the goods, but the transaction between the two sides was still
deadlocked.
Downstream is still purchasing on demand during the day, and the fear of heights is obvious, and it is not manifested as weekend stocking sentiment
.

Warehouse receipt inventory, last Friday's Shanghai aluminum warehouse receipts totaled 69,716 tons, a daily decrease of 875 tons, a 7-day decline; On October 24, LME aluminum stocks were 968525 tons, a daily decrease of 1,900 tons, and a decline of 7 consecutive days
.
As of the week ended October 25, aluminum inventories on the Shanghai Futures Exchange were 294837 tons, down 21,629 tons
.

The main position, the top 20 long positions of the main 1912 contract of Shanghai aluminum are 78496 lots, minus 2581 lots, short positions are 83961 lots, daily minus 1052 lots, net short positions are 5465 lots, daily increase of 1529 lots, long and short are reduced, net space increases
.

On October 25, the main force of Shanghai aluminum 1912 rushed back down
.
The president of the European Central Bank released a dovish signal, the US economic data exceeded expectations, the dollar rebounded, while the global economic pessimism continued, and the fourth quarter electrolytic aluminum production capacity was launched, aluminum prices upside is limited, but the current electrolytic aluminum operating capacity is still at a low level, inventory dematerialization continues, and downstream home appliance industry production increases, demand has improved, there is still some support
for aluminum prices.
In terms of spot, a large household took the lead in receiving goods in the morning, the quotation was relatively high, the holder recognized and actively shipped, and the middleman actively received the goods, but the transaction between the two sides was still
deadlocked.
The downstream is still purchasing on demand, and the fear of heights is obvious
.
Technically, the main 1912 contract of Shanghai aluminum is long and the upper shadow, and the daily MACD indicator is golden, and it is expected that the short-term upward resistance will be encountered
.