The main force of Shanghai aluminum opened low and continued to fall, and the short-term shock was weak

Market focus: (1) The U.
S.
House of Representatives will begin drafting articles to impeach U.
S
.
President Trump.
(2) At 21:30 Beijing time, the US non-farm payrolls report will be released, and the previous small non-farm ADP data was not as expected
.
(3) Alumina production in November was 5.
629 million tons, down 9.
01% year-on-year, with a daily average of 187,600 tons, an increase of 0.
03 million tons; electrolytic aluminum production in November was 2.
9184 million tons, an average of 97,300 tons, an increase of 01,600 tons; aluminum rod production in November was 975,400 tons, an average of 32,500 tons, down 02,200 tons month-on-month
.

Spot analysis: On December 6, spot A00 aluminum was reported at 14050-14090 yuan / ton, with an average price of 14070 yuan / ton, down 60 yuan / ton
per day.
Traders in Guangdong and Xi were more active, but after 11:00, the transaction heat fell, the market atmosphere gradually calmed down, and the willingness of downstream manufacturers to receive goods increased significantly compared with the previous two days, mainly due to the recognition of falling prices, coupled with the demand for stocking on weekends
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 59,947 tons on Friday, a daily decrease of 1,196 tons, down 8 consecutive days; On December 5, LME aluminum stocks were 1285275 tons, an increase of 10,425 tons
per day.
As of the week of December 6, the aluminum inventory of the Shanghai Futures Exchange was 233896 tons, a weekly decrease of 11,928 tons, a decline of three consecutive weeks
.

Main positions: the top 20 long positions of Shanghai aluminum main 2001 contract were 63810 lots, minus 455 lots per day, short positions were 71427 lots, daily minus 3727 lots, net short positions were 7617 lots, daily increase of 3272 lots, long and short were reduced, and net space increased
.

Market research and judgment: On December 6, the main force of Shanghai aluminum in 2001 opened low and continued to fall
.
Sino-US trade negotiations news repeatedly, market risk aversion rising, while upstream alumina inventories rise price weakening, raw material cost support weakened, while November electrolytic aluminum production rebounded, while downstream aluminum rod production declined, production rose demand is not good, not conducive to inventory decomposition, pressure on aluminum prices, but the United States is facing political risks to put pressure on the dollar, while the current electrolytic aluminum inventory continues to degrade, the decline is more than expected, forming some support
for aluminum prices.

In terms of spot, traders in Guangdong and Xi traded more actively, but the transaction heat fell after 11:00, and the willingness of downstream manufacturers to receive goods increased significantly compared with the previous two days, mainly due to the recognition of falling prices and the demand for stocking on weekends
.
Technically, the main 2001 contract KDJ indicator of Shanghai aluminum is dead, and the mainstream bulls reduce their positions greatly, and the short-term volatility is expected to be weak
.