[minutes of SMM Aluminum Internal Morning meeting] Aluminum prices have benefited in the short term from the Fed's interest rate cut. Alumina continues to fall.

6.26 minutes of SMM's internal aluminum morning meeting: the Fed said it was "a bit too much" to cut interest rates by 50 basis points next month, with the dollar taking a breather and repairing to 96.185. London Aluminum closed yesterday at $1813 a tonne, up $13 a tonne, and the main 1908 contract in Shanghai closed up 5 yuan / tonne at $13915 a tonne overnight. Macro: the Ministry of Communications announced that it had completed investment of 1.0138 trillion yuan from January to May, an increase of 7.3 percent over the same period last year, an increase of 6.5 percentage points over the whole of last year. June 25 is the last day of the transition period between 2018 new energy vehicle subsidy policy and 2019 new energy vehicle subsidy policy, the overall subsidy decline rate is more than 50%; In 2019, China Mobile will build more than 50,000 5G base stations and provide 5G commercial services to more than 50 cities, the chairman of China Mobile announced at the China Mobile 5G + plan launch. Fundamentals: Shandong Weiqiao released 542000 tons of electrolytic aluminum production capacity replacement program announced, the replacement capacity has been suspended by the end of 2018, this part of the production capacity will be in the next 2 to 3 months gradually resume production; yesterday, SMM alumina prices continue to be reduced by 50 to 70 yuan / ton, the actual transaction in the northern region has been less than 2800 yuan / ton.

Spot: yesterday in Wuxi, Shanghai, the spot price of aluminium was between 13880 and 13900 yuan / ton, 10 yuan / ton for flat water in that month, nearly 50 yuan / ton higher than the previous day, and the ticket price for next month is around 13870 / 13890 yuan / tonn. the spot price is between 13880 and 13900 yuan / ton in Wuxi area of Shanghai yesterday, and 10 yuan / ton for flat water in that month, nearly 50 yuan / ton higher than the previous day. As the price of aluminum rose back, the holder actively shipped, the monthly ticket price is relatively strong, traders and middlemen exchange enthusiasm, the inquiry offer is active, the actual transaction is OK. But downstream's performance was mediocre today. Conclusion: the expected part of the fundamental pressure in the short period is digested by the falling aluminum price before. In the long period, we can try the view of long-term multiple orders in the light position layout by maintaining the main contract below 13800. Strategically, you can try the inside and outside.