Demand is expected to increase The main force of Shanghai aluminum rose sharply

Market focus: China's official manufacturing purchasing managers' index (PMI) recorded 49.
5 in August, down 0.
2 percentage points from the previous month and lower than expected 49.
6; the non-manufacturing business activity index was 53.
8, up 0.
1 percentage points
from the previous month.
China and the United States imposed a new round of tariffs
on each other's imports from September 1.
According to Chinese customs statistics, China's pre-baked anode exports in July 2019 were about 77,000 tons, down about 41.
1% month-on-month and down about 35.
2%
year-on-year.

Spot analysis: On September 2, the spot A00 aluminum quotation was 14290-14330 yuan / ton, the average price was 14310 yuan / ton, up 20 yuan / ton
from the previous trading day.
The supply of goods in the intraday market is slightly tight, because the holders are more optimistic about the future market, and the morning rise in aluminum prices has enhanced their confidence in bullishness, the willingness to ship converges, the actual shipments are not much, and the price is more reluctant to sell, and the enthusiasm of middlemen to receive goods is obviously high, the market forms a situation of receiving more and less, although the aluminum price in the later period is quoted higher, but the actual transaction is slightly
deadlocked.
The downstream on-demand goods are mainly taken, and there is no obvious replenishment, and there is not much bright spot
.

Warehouse receipt inventory: the total number of Shanghai aluminum warehouse receipts on Monday was 140894 tons, a daily decrease of 1126 tons; On August 30, LME aluminum stocks were 927,000 tons, a daily decrease of 1,275 tons
.
In the week ended August 30, the Shanghai Futures Exchange aluminum inventory was 361977 tons, a weekly decrease of 17,030 tons
.

Main positions: the top 20 long positions of the main 1910 contract of Shanghai aluminum are 95979 lots, minus 513 lots per day, short positions are 110623 lots, daily increase of 500 lots, net short positions are 14644 lots, daily increase of 1013 lots, more short increases, net space increases
.

The main 1910 contract of Shanghai aluminum rose
sharply during the day.
The new round of tariffs between China and the United States came as scheduled, market risk sentiment fell slightly, macroeconomic data also showed weakness, aluminum prices have retreated, but upstream alumina prices have rebounded slightly, midstream electrolytic aluminum remains low, inventories are degraded, and the peak season of the aluminum market is coming, demand is expected to increase, and aluminum prices are strong
.
In terms of spot, the market supply is slightly tight, because the holders are more optimistic about the future market, the willingness to ship is convergent, and they are more reluctant to sell at a high price, while the enthusiasm of middlemen to receive goods is obviously high, and the downstream is mainly on demand
.
Technically, the main 1910 contract of Shanghai aluminum has a golden cross on the daily KDJ, and it is expected that the short-term shock will be strong
.