The main shock of Shanghai aluminum fell slightly, driven by the lack of substantial recovery in the market

Market Focus: The leaders of the high-level economic and trade consultations between the two sides agreed to hold the 13th round of high-level economic and trade consultations
in Washington in early October.
The British Parliament passed a bill to block a no-deal Brexit, and Johnson's early election motion was rejected
.
Following a record high bauxite production in July, METRO Mining rose again to 476,000 wet tons in August, with shipments slightly lower than July's 455,000 wet tons
.

Spot analysis: On September 5, the spot A00 aluminum quotation was 14380-14420 yuan / ton, and the average price was 14400 yuan / ton, unchanged from the previous trading day
.
Intraday market performance supply and demand are weak, a large household procurement is not much, because the bid does not meet the market psychological price, although the high price of the holder actively ship, but because the middleman does not recognize the price, the actual transaction is very deadlocked, some traders are optimistic about the future market, although they have the willingness to receive goods, but the bid is low, and the buyers and sellers do not have many
transactions.
The downstream performance is wait-and-see, the enthusiasm for receiving goods is not obvious, and the overall on-demand procurement is the mainstay
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 137715 tons on Thursday, down 579 tons per day; On September 4, LME aluminum stocks were 922375 tons, an increase of 8,450 tons
per day.

Main positions: the top 20 long positions of the main 1910 contract of Shanghai aluminum were 82286 lots, minus 5644 lots per day, short positions were 100808 lots, 4834 lots per day, net short positions were 18522 lots, an increase of 810 lots per day, both long and short decreased, and net short increased
.

On September 5, the main 1910 contract of Shanghai aluminum fell slightly
.
The Chinese and US high-level officials finalized the next consultation time, the market optimism warmed up, coupled with the rebound of the pound and the Fed's interest rate cut expectations heated up, putting pressure on the US dollar, which was positive for aluminum prices, while upstream alumina prices stabilized and rebounded, midstream electrolytic aluminum plant production declined, electrolytic aluminum inventories continued, and the positive for aluminum prices gradually increased, but the performance of terminal demand was weak, the lack of substantial recovery drove, aluminum prices upward momentum was slightly weaker
.
In terms of spot, the market performance is weak in both supply and demand, although the holders at high prices actively ship but because the middlemen do not recognize the price, the actual transaction is very deadlocked, and the downstream performance is wait-and-see
.
Technically, the main 1910 contract daily MACD green column of Shanghai aluminum is slightly reduced, focusing on the support at the 14250 position, and it is expected that the short-term shock will be strong
.