6.20 SMM internal aluminum morning meeting minutes: as the Federal Reserve announced the interest rate decision to release a rate cut signal, the dollar index fell, Lun Aluminum performance was relatively stable, yesterday's closing price of $1779, up $1 / ton; overnight Shanghai aluminum closed at 13910 yuan, up 45 yuan, or 0.32%. Macro: domestic: the executive meeting of the State Council will arrange and promote the transformation of old urban areas, focus on the construction of hydropower, gas roads, optical fiber and other supporting facilities, and will arrange central subsidy funds for the transformation of old urban areas. Overseas: the Fed keeps the federal funds rate unchanged at 2.25% to 2.50%, shrinking as planned. Powell, chairman of the Federal Reserve, said appropriate measures would be taken to maintain expansion and the lattice chart would signal a rate cut for the first time, but the scale of the rate cut has not yet been really discussed. Fundamentals: the resumption of production and production reduction in parallel, alumina prices have room to continue to reduce; recently, Anhui launched three aluminum processing projects with a total capacity of 280000 tons, including 3 aluminum processing projects, respectively, with an annual output of 180000 tons of high-precision aluminum plate, foil and hydrophilic foil coating production line, Anhui Zhongwang Aluminum Co., Ltd. Aluminum alloy template processing, aluminum alloy car body manufacturing project.

Spot: yesterday morning, the Shanghai market transaction price was between 13870 yuan / ton and 13880 yuan / ton. With the announcement of the online price, the overall spot price of the East China market rose slightly, and a small number of brand spot prices traded around 13910 yuan / ton. The price in Wuxi area of Shanghai rose 30 yuan to 50 yuan / ton compared with the previous day, and the market rose 10 to 20 yuan / ton. The replenishment transaction between the middleman and the trader is very active. Downstream, as a result of price rebound and continue to wait and see, rigid demand delivery is the main, the actual delivery is not much. Conclusion: with the release of the bullish signal at the macro level, the trend of aluminum price is on the strong side, and the short-period fundamental pressure is digested by the falling aluminum price to a certain extent. In the long term, we can try the view of long-term multiple orders in the layout of light positions below 13800 of the main contract.