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On Thursday, the main 2107 contract of Shanghai aluminum fluctuated downward, with the highest 18,720 yuan / ton, the lowest 18,340 yuan / ton, and the closing price of 18,425 yuan / ton, down 255 yuan / ton from the closing price of the previous trading day; LME aluminum rushed back down, as of 15:00 Beijing time, 3-month Lun aluminum reported 2435 US dollars / ton, unchanged
from the previous trading day.
Market focus: (1) The Fed's Beige Book clearly shows the signs of
inflation.
(2) Vice Premier Liu He had a video call
with US Treasury Secretary Yellen.
Spot analysis: On June 3, spot A00 aluminum was reported at 18650-18690 yuan / ton, with an average price of 18670 yuan / ton, down 10 yuan
per day.
The source of circulating goods is tightened, the holders are willing to sell at high prices, the downstream purchases on demand, the enthusiasm of large households to receive goods is acceptable, and the transaction is average
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 114838 tons on Thursday, down 3,114 tons from the previous trading day; On June 2, LME stocks were 1683675 tonnes, down 23,325 tonnes
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 2107 contract held 138668 lots, a daily increase of 1283 lots, a short position of 121596 lots, a daily decrease of 3202 lots, a net long position of 17092 lots, a daily increase of 4882 lots, long and net more increases, short decreases
.
Market research: The market is currently focusing on this week's US employment data to judge the Fed's next move
.
If the non-farm payrolls data weakens again this month, it will put pressure on US Treasury yields, which will weigh on the dollar
.
Previously, in May, Guangdong and Yunnan regions cut power, and Yunnan electrolytic aluminum enterprises successively limited production, and the current production capacity has exceeded 600,000 tons; Orders of some aluminum profile manufacturers in Guangdong began to weaken gradually, and production declined
slightly.
In addition, the impact of the epidemic in Guangdong is relatively small for the time being, and only a few areas have been blocked and prohibited from transporting goods
.
The recent continuous adjustment of aluminum prices has caused the high profits of aluminum plants to fall, and the enthusiasm of production enterprises to expand production is still high
.
Overall, short-term supply disruptions persist, social treasury dematerialization has slowed down, and fundamentals support the high volatility of aluminum prices
.
