January 17 aluminum market morning review

Industry information: On January 16, SMM statistics domestic electrolytic aluminum inventory, Shanghai area 105,000 tons, Wuxi 102,000 tons, Hangzhou 27,000 tons, Gongyi 39,000 tons, South China Sea 90,000 tons, the total inventory of the five places 363,000 tons, an increase of 8,000 tons
from last Thursday.

Market: On January 16, Shanghai aluminum trading concentrated 13160-13180 yuan / ton, the discount for the month was 70-40 yuan / ton, Wuxi transaction concentration was 13160-13180 yuan / ton, Hangzhou transaction concentration was 13120-13150 yuan / ton
。 Holders of stable shipments in the early stage of the transaction, the price of aluminum in the later stage of the transaction fell sharply, but the price difference in the next month expanded to around 80 yuan / ton, the holder waited for the change of month, the price was sold, the difference between the aluminum far month and the spot price widened, the middleman can carry out the sale of the period to buy cash, the receiving is active, the far month is stronger than the recent month, the downstream chooses to purchase before the month, the enthusiasm for receiving goods is improved, and the overall transaction is acceptable
.

In terms of inventory: as of January 16, LME aluminum stocks reported 2250950 tons, an increase of 6,775 tons per day, a new high since August 26 last year; In the same period, the previous period of aluminum inventories reported 118235 tons, a weekly increase of 13,698 tons, a high since September 14 last year, a six-week increase, but far lower than the average inventory value of 2016 of 200,000 tons
.

Overnight, the main contract of Shanghai aluminum fell under pressure to 13,350 yuan, as short-term aluminum prices continued to rise and faced technical pullback pressure
.
In terms of operation, it is recommended that the Shanghai aluminum 1703 contract can be backed above 13100 yuan to bargain price, the entry reference is around 13250 yuan, and the target is 13600 yuan
.