The market supply is relatively loose, and the main force of Shanghai aluminum has encountered obstacles to its upward movement

Market focus: China's PPI fell 0.
3% year-on-year in July, compared with market expectations of 0.
1% decline and 0%
in the previous month.
July CPI rose 2.
8% y/y, above forecasts of 2.
7% and 2.
7%
in the previous month.
U.
S.
President Donald Trump once again tweeted at the strong dollar and the Federal Reserve, as the Reserve Bank of New Zealand, the Reserve Bank of India and the Bank of Thailand all announced interest rate
cuts.
The first batch of 14,000 billable tons of equipment for the Indonesian Bintan 1 million ton alumina project of Nanshan Group was successfully delivered, which will solve many problems
such as long operation cycle, large risk of cargo damage and additional costs of the Indonesian Bintan Island project.

Spot analysis: On August 9, the spot A00 aluminum quotation was 13910-13950 yuan / ton, and the average price was 13930 yuan / ton, up 50 yuan / ton
from the previous trading day.
The intraday market supply is relatively loose, because the spot price has risen sharply compared with the previous day, the holder shipments actively and slightly up, the price is relatively firm, driven by the rhythm of a large account receiving goods, traders and middlemen trading is still active, but downstream manufacturers are more afraid of heights, although there is a certain amount of goods received at the end of last week, but the purchase volume has not increased
significantly compared with yesterday.

Warehouse receipt inventory: last Friday, the total of Shanghai aluminum warehouse receipts was 139313 tons, a daily decrease of 1102 tons; On August 8, LME aluminum stocks were 1004225 tons, down 5,700 tons
per day.
As of the week ended August 9, the stock of copper cathode on the Shanghai Futures Exchange was 391467 tons, down 12,193 tons
per week.

Main positions: the top 20 long positions of Shanghai aluminum main 1910 contract are 73770 lots, with a daily increase of 4033 lots, short positions of 97534 lots, a daily increase of 2662 lots, net short positions of 23764 lots, a daily decrease of 1371 lots, long and short increases, and net space decreases
.

On August 9, the upward movement of Shanghai's main 1910 contract was blocked
.
The global monetary easing trend, while the Fed interest rate cut expectations increased, the overall weakening of the US index, while aluminum inventories are in the destocking stage, and August gradually bid farewell to the off-season, the support for aluminum will gradually increase, but the market is still pessimistic about the economy, coupled with the continuous decline in upstream alumina prices, and the profit repair of midstream electrolytic aluminum plants, it is expected that production will increase, which will be bearish for aluminum prices
in the short term 。 In terms of spot, the market source is relatively loose, because the spot price has risen sharply from the previous day, the holder is active and slightly up, the price is relatively firm, driven by the rhythm of receiving goods by a large household, traders and middlemen are still active, but downstream manufacturers are more afraid of heights
.
Technically, the main 1910 contract of Shanghai aluminum is long and the upper shadow, focusing on the resistance at the 14000 position, and it is expected that the short-term weak pullback
.