The main contract of Shanghai aluminum opened low and continued to fall, and the willingness of the market to stock up was not strong

Market focus: (1) The People's Bank of China carried out a 200 billion yuan medium-term lending facility (MLF) operation and a 100 billion yuan 7-day reverse repurchase operation, of which the winning interest rate of the MLF operation was reduced by 10 basis points
.
(2) From 0:00 on February 17 to the end of the epidemic prevention and control work, toll roads nationwide will be exempted from vehicle tolls
.
(3) On February 17, inventories in many places continued to increase, and electrolytic aluminum stocks increased by 69,000 tons from last Thursday to 1.
162 million tons
.

Spot analysis: On February 17, spot A00 aluminum was reported at 13530-13570 yuan / ton, with an average price of 13550 yuan / ton, down 40 yuan / ton
per day.
Intraday traders are more active in trading, and holders actively ship, but due to general downstream demand, middlemen receive strict requirements for prices, and the transaction between the two sides is slightly
deadlocked.
There are no obvious signs of receiving goods in the downstream day, many factories are still waiting for the process of government procedures and approval, the willingness to stock goods is not strong, and the traffic is not completely smooth, and the transportation of raw materials is also a problem
.

Warehouse receipt inventory: the total amount of Shanghai aluminum warehouse receipts on Monday was 197105 tons, an increase of 29,383 tons per day, an increase of 12 consecutive days; On February 14, LME aluminum stocks were 1206450 tons, down 14,550 tons
per day.
As of the week of February 14, the aluminum inventory of the Shanghai Futures Exchange was 338848 tons, a weekly increase of 36,133 tons, an increase of six consecutive weeks
.

Main positions: the top 20 long positions of Shanghai aluminum main 2004 contract are 70673 lots, a daily increase of 3170 lots, short positions are 78695 lots, a daily increase of 4698 lots, net short positions are 8022 lots, a daily increase of 1528 lots, long and short are increased, and net space increases
.

On February 17, the main force of Shanghai aluminum in 2004 opened low and continued to fall
.
On the 17th, the People's Bank of China carried out 200 billion yuan MLF operation and 100 billion yuan 7-day reverse repurchase operation, and lowered the MLF interest rate by 10 basis points; At the same time, the number of new confirmed cases in non-Hubei areas across the country fell for 13 consecutive days, which partially supported
aluminum prices.
However, the US economic data is strong, and the US dollar continues to be high; At the same time, the accumulation of domestic electrolytic aluminum stocks has accelerated, and there is still an expectation of capacity release in the future, coupled with the delay in the resumption of work of downstream aluminum enterprises, the inventory pressure is large, and the performance of aluminum prices is weak
.
In terms of spot, intraday traders are more active, holders are actively shipping, but due to the general downstream demand, middlemen receive strict requirements for prices, the transaction between the two sides is slightly deadlocked, many downstream factories are still waiting for the process of government procedures approval, and the traffic is not completely smooth, and the willingness to stock goods is not strong
.
Technically, the main 2004 contract of Shanghai aluminum increased its position, focusing on the support of the 13600 position below, and it is expected to fluctuate
at a short-term low.