The main shock of Shanghai aluminum continued to rise, and downstream demand was still weak

Market focus: The People's Bank of China carried out a medium-term lending facility (MLF) operation of 400 billion yuan, basically the same as the maturity volume on the day, with a maturity of one year, and the winning interest rate was 3.
25%, down 5 basis points from the previous period, which is the first time since April 2018 that the 1-year MLF interest rate
has been reduced.
The U.
S.
commerce secretary said the Trump administration may not need to impose tariffs
on imported cars later this month.
Vietnam Customs found and stopped $4.
3 billion of Chinese aluminum products impersonating Vietnamese goods intended for shipment to the United States, and the aluminum products were allowed to be digested
in Vietnam, Vietnam said.

Spot analysis: On November 5, the spot A00 aluminum quotation was 14040-14080 yuan / ton, the average price was 14060 yuan / ton, a daily increase of 60 yuan / ton
.
The absolute price of spot goods continued to rise during the day, in the morning, a large household received more than 10,000 tons of goods at a price more recognized by the market, and the holders actively shipped to it, with the completion of the receipt of goods by large households, the transaction price between traders fell slightly, buyers and sellers traded more actively, high-priced downstream manufacturers still purchased on demand, and the receipt was flat
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 63,650 tons on Tuesday, a daily decrease of 2,071 tons, down 14 consecutive days; On November 4, LME aluminum stocks were 953,900 tons, a daily decrease of 2,300 tons, and a decline of 14 consecutive days
.

Main positions: the top 20 long positions of Shanghai aluminum main 1912 contract are 69597 lots, minus 1530 lots per day, short positions are 83965 lots, daily minus 1180 lots, net short positions are 14368 lots, daily increase of 350 lots, long and short are reduced, net space increases
.

During the day, the main force of Shanghai aluminum 1912 continued to rise
.
The US dollar index continues to be strong, while global economic outlook concerns remain, downstream demand is still weak, and the future electrolytic aluminum production capacity is expected to be launched, which puts pressure on aluminum prices, and the aluminum products shipped from China to Vietnam cannot be exported to the United States, but are allowed to be digested locally, coupled with the current electrolytic aluminum inventory continues to deteriorate, and environmental protection production restrictions have been introduced, aluminum prices are strong
.
In terms of spot, the absolute price of spot continued to rise, a large household received more than 10,000 tons of goods at a price more recognized by the market in the morning, and the holders actively shipped to it, and the high-priced downstream manufacturers still purchased on demand, and the receipt of goods was flat
.
Technically, the daily MACD red column increment of the main 1912 contract of Shanghai aluminum, the reduction of short positions, and the short-term shock is expected to be strong
.