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On Thursday, the main 2110 contract of Shanghai aluminum fluctuated downward, with the highest 20,680 yuan / ton, the lowest 20,380 yuan / ton, closing at 20,415 yuan / ton, down 0.
85% from the closing price of the previous trading day; LME aluminum fluctuated to the downside, as of 15:00 Beijing time, 3-month Lun aluminum was reported at $2599 / ton, down 0.
76%
from the previous session.
Market focus: (1) The Fed accepted $1.
147 trillion in fixed-rate reverse repo, a record high
.
(2) US durable goods orders in July fell 0.
1% month-on-month, down 0.
3% expected, and the previous value was revised from an increase of 0.
9% to an increase of 0.
8%.
Core durable goods orders were flat sequentially and expected to increase by 0.
5%, with the previous reading revised upwards from an increase of 0.
7% to an increase of 1%.
(3) As of August 26, according to Mysteel statistics, China's electrolytic aluminum social inventory was 758,000 tons, an increase of 14,000 tons from Monday (23rd), and 760,000 tons
in the same period last year.
Spot analysis: SMM spot A00 aluminum reported 20520-20560 yuan / ton, the average price was 20540 yuan / ton, down 60 yuan
per day.
Holders are bearish and lower on shipments, the receiving party's enthusiasm for purchasing is low, the enthusiasm of large households to receive goods is average, and the overall transaction is light
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 80,149 tons, a daily decrease of 100 tons; LME stocks were 1306950 tonnes, up 14,450 tonnes
per day.
Main positions: the top 20 long positions in the main 2110 contract of Shanghai aluminum held 195911 lots, minus 2359 lots per day, 192282 short positions, minus 2940 lots per day, and 3629 net long positions, minus 235 lots
per day.
Both long and short and net long are reduced
.
Investors expect to see the Fed's timeline for tapering economic support measures at this week's Jackson Hole Symposium, with the dollar edged higher
.
At present, the fundamentals of the aluminum market are still strong, the supply-side disturbance continues, and the dual control of energy consumption in the production area superimposed on the environmental protection inspector continues to ferment, stimulating the bullish sentiment
of the aluminum market.
The latest data shows that the current electrolytic aluminum social inventory has increased slightly compared with the previous data, of which the inventory in Foshan has increased significantly, mainly due to the increase in local arrivals and poor outbound performance
.
The near-term risk point is that the macro peripheral sentiment is relatively unstable, and the market sentiment is slightly cautious
.
