Bears continue to make efforts, and the decline of Shanghai aluminum expands during the day

In terms of the external market, in the morning, Lun aluminum opened at 1597.
5 US dollars / ton, at the beginning of the session, Lun aluminum rose slightly, once exceeded 1600 US dollars, touched 1603.
5 US dollars, but then due to the continuous decline of domestic Shanghai aluminum decline, Lun aluminum was dragged down by the center of gravity of the transaction slowly fell, entering the European trading session Lun aluminum diving, the low touched 1586 US dollars / ton, the low level rose, but by the daily average resistance, as of 17:30, recorded 1593 US dollars / ton, Lun aluminum has lost the 120-day moving average, domestic Shanghai aluminum has touched the half-year line , continue to pay attention to the domestic Shanghai aluminum trend for the guidance
of Lun aluminum.

On the macro front, Russia and Saudi Arabia discussed frozen production, but the two sides were not cautious and positive about frozen production, and oil prices once rose more than 4% in the day before fluctuating downward, giving up some of the gains
.
Eurozone retail sales in July were 1.
1% m/m vs 0.
5% expected and revised to -0.
1%
in the previous month of 0.
0%.
July retail sales were 2.
9% y/y versus 1.
8% expected and revised from 1.
6% in the previous month to 1.
7%.

Domestically, China's Caixin services PMI in August was 52.
1 vs 51.
7
previously.
The August Caixin composite PMI was 51.
8 vs 51.
9
previously.

In terms of the market, the volume of aluminum will fall before noon that month
.
Shanghai transaction concentration is 12570-12590 yuan / ton, the monthly premium is 150-160 yuan / ton, Wuxi transaction concentration is 12560-12570 yuan / ton, Hangzhou quotation concentration is 12610-12630 yuan / ton
.
Cargo holders maintained stable shipments, Shanghai intermediaries and downstream enterprises increased inquiries, holders were eager to exchange cash, and took the initiative to slightly reduce prices in the later stage of the transaction, and the transaction volume was slightly warmer than last Friday; Wuxi middlemen are willing to receive goods at low prices, downstream bargain hunting, and aluminum release in the later stage of the transaction declined, but the holders did not adjust the price with the market, and the transaction gradually faded
.
In the late afternoon, aluminum leaked, Shanghai holders quoted 12560-12570 yuan / ton, Wuxi quoted 12540-12560 yuan / ton, middlemen and downstream wait-and-see sentiment was strong, almost no deal
.

In terms of industry, Yun Aluminum's alumina project in Laos has recently begun preparations, and is expected to be put into operation within the "13th Five-Year Plan", with a design capacity of 1 million tons
.
In addition, data showed that social stocks fell slightly by 2,000 tons over the weekend and are now at 302,000 tons
.

Overall, the bears entered the market sharply to suppress aluminum prices, and Shanghai aluminum fell by more than 200 yuan / ton
during the day.
From a fundamental point of view, the supply release in the short term is more concentrated, and Shanghai aluminum objectively has adjustment demand, but from the position point of view, the position of the futures company that actively pushed up the price of aluminum three weeks ago yesterday increased its short order sharply, or it means that the big drop is also caused by speculative funds, it is recommended to stay on the sidelines
.