The main shock pullback of Shanghai aluminum The center of gravity continues to rise

In focus, U.
S.
existing home sales data for June was 5.
27 million units, lower than the previous reading of 5.
34 million units and expectations of 5.
33 million units
.
The results of the British Prime Minister's election were released, and Johnson was elected as scheduled; The probability of a rate cut by the ECB remains high, and the pound and the euro weaken.

According to the Brazilian Aluminum Association, in May, Brazil's primary aluminum production was 50,000 tons, down 3.
1% from the same period in 2018; From January to May, Brazil's cumulative primary aluminum output was 245,400 tons, down 20.
1%
year-on-year.

Spot analysis, on July 24, spot A00 aluminum quotation 13770-13810 yuan / ton, the average price of 13790 yuan / ton, down 10 yuan / ton
from the previous trading day.
Due to the fall in aluminum prices for three consecutive days, the willingness of holders to ship converged, and the middlemen replenished actively at low prices, there were more receivers than shippers, and the overall trading between traders was active, and the center of gravity of aluminum continued to rise, but at this time the trading activity dissipated, and the actual market quotation did not rise
sharply.
The downstream has been partially stocked in the previous two days, mainly on demand, and has not purchased
in large quantities.

Warehouse receipt inventory, Shanghai aluminum warehouse receipts on Wednesday totaled 148409 tons, a daily decrease of 453 tons; On July 23, LME aluminum stocks were 960175 tons, down 6,425 tons
per day.
Main positions: the top 20 long positions of the main 1909 contract of Shanghai aluminum are 77796 lots, a daily increase of 1237 lots, short positions of 85395 lots, a daily decrease of 3717 lots, a net short position of 7599 lots, a daily decrease of 4954 lots, more increase and a decrease in short, and a decrease
in net space.

The main 1909 contract of Shanghai aluminum fluctuated during
the day.
The weakening of the pound sterling and the euro supported the rise of the US dollar, coupled with the continuous increase in upstream alumina plant inventories and falling prices, which put pressure on aluminum prices, and the increase in downstream aluminum inventories put pressure
on aluminum prices.
In terms of spot, due to the fall of aluminum prices for three consecutive days, the willingness of holders to ship converged, and the middlemen actively replenished at low prices, and there were more receivers than shippers, and the center of gravity of aluminum continued to rise, but at this time the trading activity was exhausted, and the actual market quotation did not rise
sharply.
Downstream because some of the goods have been stocked in the previous two days, the goods are mainly taken on demand within the day, and there is no large-scale purchase
.
Technically, the main 1909 contract of Shanghai aluminum runs below the moving average group, and the daily MACD red column is shortened, and the short-term shock is expected to be weak
.