April 25 Shanghai aluminum morning review

In terms of news, the nonferrous metal market continues to be affected by the negative impact of the financial industry's deleveraging and risk prevention, and from the overnight trend, the degree of concern is alleviating
.
From January to March, the balance sheet of the People's Bank of China shrank by 1.
1 trillion yuan, and the passive balance sheet reduction caused by the decline in foreign exchange accounts had a short impact on the market.

In addition, judging from the fiscal revenue and expenditure data, the active fiscal policy is relatively
strong.
Affected by regulatory risks, the short-term nonferrous trend may still be weak, the aluminum market is affected by supply-side reform, and the performance is better than that of surrounding metals, and Shanghai aluminum is not short
for the time being.

In terms of the industry, due to the strong supervision of environmental protection recently, some environmental impact assessment procedures and environmental protection equipment in Shandong are not complete, and aluminum rod enterprises that do not meet emission standards have been ordered to stop production and rectify
.
In the first quarter of 2017, the environmental protection department of the Shandong provincial government imposed 2,392 environmental administrative penalties and fined 174 million yuan
.
Among them, 156 cases were transferred for administrative detention and 61 cases were transferred for suspected environmental pollution crimes
.
On the whole, de-capacity is expected to boost aluminum prices, but the increase in electrolytic aluminum production and high inventories put pressure on aluminum prices, and it is expected that the main force of Shanghai aluminum will fluctuate at a high level within the day, with an operating range of 14200-14400, for reference
only.