The main force of Shanghai aluminum fell upward, and the market trading performance was deadlocked

Market focus: The US ISM manufacturing PMI fell to 49.
1 in August, not only hitting the lowest level since January 2016, but also falling below the boom-dry line
for the first time since August 2016.
US federal funds rate futures showed that traders expected a 10% probability of a 50 basis point rate cut by the Fed in September, compared with 0%
on Friday.
India's Hindalco plans to expand its alumina capacity, and its Utkal alumina refinery will expand capacity by 500,000 tons, scheduled to come on stream in fiscal 2021
.

Spot analysis: On September 4, the spot A00 aluminum quotation was 14380-14420 yuan / ton, and the average price was 14400 yuan / ton, up 10 yuan / ton
from the previous trading day.
In the morning, the price of aluminum is higher, the carrier shipment is very positive, slightly up, but the middleman is afraid of the height obviously received not much, the transaction performance is deadlocked, as the aluminum price continues to fall, the willingness of the holder to ship increased, began to actively ship, but the middleman at this time to receive the performance hesitant, the market began to show more and less, so the actual transaction did not increase with the fall of aluminum prices
.
Downstream manufacturers mainly take goods on demand, but the receiving situation has improved compared with the end of August
.

Warehouse receipt inventory: the total amount of Shanghai aluminum warehouse receipts on Wednesday was 138294 tons, a daily decrease of 1027 tons; On September 3, LME aluminum stocks were 913925 tons, down 5,125 tons
per day.

Main positions: the top 20 long positions of the main 1910 contract of Shanghai aluminum are 87930 lots, minus 1730 lots per day, short positions are 105642 lots, daily minus 1971 lots, net short positions are 17712 lots, daily minus 241 lots, more short reduction, net space reduction
.

On September 4, the upward movement of Shanghai's main 1910 contract was blocked
.
Macroeconomic data performance is weak, market pessimism remains, putting pressure on aluminum prices, but upstream alumina prices stabilized and rebounded, midstream electrolytic aluminum plant production declined, electrolytic aluminum inventory dematerialization continued, and the demand recovery expected from the peak season of the aluminum market gradually strengthened
.
In terms of spot, the morning aluminum price is higher, the cargo holders are very active, slightly up, but the middleman is afraid of heights obviously not receiving much, the transaction performance is deadlocked, downstream manufacturers are mainly on demand, but the receiving situation has improved
compared with the end of August.
Technically, the main 1910 contract of Shanghai aluminum is long and the upper shadow, focusing on the support of the 14250 position, and it is expected that the short-term shock will be strong
.