Downstream demand continues to be weak Shanghai aluminum performance is weak

Market Focus: Some Fed policymakers expressed their concern at a recent meeting, arguing that market expectations for the Fed's rate cut exceeded the Fed's plans
.
The high-level level of Sino-US trade negotiations will hold a new round of high-level Sino-US economic and trade consultations in Washington, D.
C.
, this day and
tomorrow.
A source at Turkey's Mayena said it planned to develop two new bauxite mines with a total annual capacity of 500,000 tonnes in early December, which would be for Chinese buyers
.
In August 2019, China's exports of aluminum alloy wheels were US$326 million, down 21.
1% year-on-year, and the number of exports was 7.
39 million (calculated as 10kg/only), down 14.
8%
year-on-year.

Spot analysis: On October 10, SMM spot A00 aluminum quotation was 13980-14020 yuan / ton, the average price was 14000 yuan / ton, a daily increase of 20 yuan / ton
.
Due to the gradual release of the accumulated volume to the market in the previous two days, and the middlemen have received goods more actively in the past two days, the market supply is more sufficient during the day, the holders ship normally, and the buyers and sellers are trading reasonably under the background of a large household receiving more than 10,000 tons, and the transaction heat after 11:00 has become weaker, and the downstream manufacturers mainly take goods on demand, which has not changed
much from the previous day.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 95,050 tons on Thursday, a daily decrease of 1,230 tons, a 13-day decline; On October 9, LME aluminum stocks were 966125 tons, an increase of 550 tons
per day.

Main positions: the top 20 long positions of the main 1912 contract of Shanghai aluminum are 73597 lots, a daily increase of 4331 lots, short positions are 88340 lots, a daily increase of 2025 lots, a net short position of 14743 lots, a daily decrease of 2306 lots, both long and short increases, and the net space decreases
.

On October 10, the main force of Shanghai aluminum 1912 rebounded
.
The downward pressure on the global economy has increased, market pessimism still exists, downstream demand continues to be weak, aluminum rod inventory has increased significantly, aluminum price performance is weak, and upstream bauxite supply is expected to increase, mainly due to the emotional impact, and the current electrolytic aluminum production is still at a low level, electrolytic aluminum inventory shows a downward trend, coupled with the opening of Sino-US trade negotiations, which has a supporting effect
on aluminum prices.
In terms of spot, the market supply is relatively sufficient, the holder ships normally, and the trading of buyers and sellers is acceptable under the background of a large household receiving more than 10,000 tons, and the transaction heat turns weak after 11:00, and the downstream manufacturers mainly take goods on demand, which is not much change
from the previous day.
Technically, the main 1912 contract of Shanghai aluminum is doji, running below the moving average group, and the short-term shock is expected to be weak
.