The main force of Shanghai aluminum opened high and fell, and the demand performance was still weak

Market focus: US retail sales 0.
4% m/m, 0.
2% expected, 0.
7% prior, stronger than expected; Core retail sales in August were 0% m/m vs 0.
1% expected vs.
1% prior, largely in line with expectations
.
On Saturday, a drone attack on Saudi Arabia's largest crude oil facility sparked heightened risk aversion
.
Primary aluminum (electrolytic aluminum) output in August was 2.
97 million tons, down 0.
3% year-on-year; From January to August, the output of primary aluminum was 23.
47 million tons, an increase of 1.
4%
year-on-year.

Spot analysis: On September 16, the spot A00 aluminum quotation was 14380-14420 yuan / ton, the average price was 14400 yuan / ton, and the daily decline was 150 yuan / ton
.
Aluminum opened on the downward road, all the way down, the market quotation is more entangled and chaotic, the holder is slightly hesitant to ship, although the middleman is actively receiving goods, but the acceptable price is difficult to reach an agreement with the seller, and the buyer and seller are
deadlocked.
A large household did not purchase much, and the downstream was also more wait-and-see, and did not show obvious willingness to receive goods after the holiday, basically took goods on demand, and replenished
a small amount.

Warehouse receipt inventory: the total number of Shanghai aluminum warehouse receipts on Monday was 139938 tons, an increase of 4774 tons per day; On September 13, LME aluminum stocks were 910,950 tons, a daily decrease of 2,675 tons
.
As of the week ended September 12, aluminum stocks on the Shanghai Futures Exchange were 342811 tons, down 9,588 tons
.

Main position: the top 20 long positions of the main 1911 contract of Shanghai aluminum were 84122 lots, minus 4196 lots per day, short positions were 106781 lots, daily minus 1659 lots, net short positions were 22659 lots, a daily increase of 2537 lots, long and short were reduced, and net space increased
.

Market research and judgment: On September 16, the main force of Shanghai aluminum 1911 opened high and fell
.
China and the United States have exchanged goodwill in trade, market confidence has rebounded significantly, midstream electrolytic aluminum plant production has declined, electrolytic aluminum inventory dematerialization continues, while upstream alumina prices have rebounded at a low level, and the pressure on the cost side has decreased, but although the downstream ushered in the traditional peak season, the demand performance is still weak, putting pressure
on aluminum prices.
In terms of spot, aluminum futures opened on the downward road, all the way down, the market quotation is more tangled and chaotic, the holder is slightly hesitant to ship, although the middleman is actively receiving goods, and the downstream is also more wait-and-see
.
Technically, the main 1911 contract of Shanghai aluminum has pulled back sharply, focusing on the support at the 14170 position, and it is expected that the short-term shock will be strong
.