The main shock of Shanghai aluminum rose slightly, and the price still has upward momentum

Market focus: (1) At 2:00 Beijing time on Thursday, the Federal Reserve will release the minutes of
its April monetary policy meeting.

Spot analysis: On May 20, spot A00 aluminum reported 13460-13500 yuan / ton, the average price was 13480 yuan / ton, down 20 yuan / ton
per day.
A large household carried out a procurement plan in the morning, announcing that the purchase volume in East China was less than 10,000 tons, with the end of its purchase, the holder's quotation fell back, the spot premium fell before the afternoon, and the transaction situation of traders before the afternoon was acceptable, which was less than the previous day
.
Downstream intraday on-demand procurement is the mainstay, as aluminum prices remain high, and the willingness to receive goods is inhibited
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 162674 tons on Wednesday, a daily decrease of 1681 tons, a continuous decline of 23 days; On May 19, LME aluminum stocks were 1436575 tons, an increase of 22,100 tons
per day.

Main positions: the top 20 long positions of Shanghai aluminum main 2007 contract are 93573 lots, a daily increase of 1213 lots, short positions 126061 lots, a daily increase of 3418 lots, a net short position of 32488 lots, a daily increase of 2205 lots, long and short increases, and net space increases
.

Market research and judgment: On May 20, the main force of Shanghai aluminum in 2007 fluctuated slightly
.
At present, the domestic downstream demand is strong, and the operating rate of processing enterprises continues to rise; And the recovery of electrolytic aluminum production capacity is slow, so that the domestic electrolytic aluminum inventory continues to dematerialize, and aluminum prices still have upward momentum
.
However, overseas by the epidemic impact, coupled with the high ratio of Shanghai, resulting in the suppression of aluminum exports, and the future electrolytic aluminum production capacity is expected to be released, the pressure on aluminum prices will gradually increase
.
In terms of spot, buyers and sellers were cautious in their inquiry counterorders in the morning, the actual transaction was not much, and the transaction situation of traders before the afternoon was acceptable, which was less than the previous day, and the downstream intraday on-demand procurement was the mainstay
.
Technically, the mainstream short position of the main 2007 contract of Shanghai aluminum increased its position even more, and the resistance of 13,000 above still exists, and it is expected to fluctuate
at a short-term high.