The main shock of Shanghai aluminum fell slightly, and the upward momentum was weak

Market focus: The Fed announced a 25 basis point rate cut as scheduled, which also indicated that policy easing may be close to a halt
.
China's 10-month manufacturing PMI was 49.
3%, down 0.
5 percentage points from the previous month, the lowest since eight months, and in contraction territory for six consecutive months
.
German aluminum producer Trime plans to produce at full capacity next year after cutting production in 2019 as its plants in Germany and France produce about 775,000 tonnes
of aluminum and cast aluminum products due to strong demand from the automotive sector.

Spot analysis: On October 31, the spot A00 aluminum quotation was 13950-13990 yuan / ton, the average price was 13970 yuan / ton, down 30 yuan / ton
per day.
During the day, a large account maintained the rhythm of receiving goods, because the holder considered the complicated transaction process with it, and the pressure of its own month-end fund settlement was greater, so it did not actively ship to it, and preferred to trade with other middlemen, and the willingness to raise prices was more restrained than in previous days, other middlemen were still actively receiving goods, and the buyers and sellers traded
fairly.
Downstream on-demand procurement is the mainstay, a small amount of stocking, and there is not much bright spot
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 67,042 tons on Thursday, down 302 tons per day, down 11 consecutive days; On October 30, LME aluminum stocks were 961375 tons, down 275 tons per day, down 11 consecutive days
.
As of the week ended October 25, aluminum inventories on the Shanghai Futures Exchange were 294837 tons, down 21,629 tons
.

Main positions: the top 20 long positions of Shanghai aluminum main 1912 contract are 73983 lots, 898 lots per day, 82660 short positions, 73 lots per day, net short positions are 8677 lots, daily increase of 971 lots, more short increases, net short increases
.

On October 31, the main force of Shanghai aluminum 1912 fluctuated slightly
.
The Federal Reserve announced a 25 basis point interest rate cut, the Brexit deadlock was broken, the dollar was under pressure, and the current electrolytic aluminum operating capacity is still at a low level, and the inventory dematerialization continues, which supports aluminum prices, but China's manufacturing PMI performance in October is weak, coupled with the low upstream alumina price, the rally slows down, and the release of electrolytic aluminum production capacity is expected, and the upward momentum of aluminum prices is weak
.
In terms of spot, a large household maintained the rhythm of receiving goods, the willingness to raise prices was more convergent than in previous days, other middlemen were still actively receiving goods, buyers and sellers traded fairly, downstream on-demand procurement was the mainstay, a small amount of stocking, and there was not much bright spot
.
Technically, the main 1912 contract of Shanghai aluminum is doji, and it is expected to fluctuate
in a narrow range in the short term.