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    Home > Chemicals Industry > New Chemical Materials > The main contract of Shanghai aluminum is volatile and the market trading is still light

    The main contract of Shanghai aluminum is volatile and the market trading is still light

    • Last Update: 2022-12-17
    • Source: Internet
    • Author: User
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    On February 4, LME aluminum fluctuated more on Tuesday, as of 15:00 Beijing time, 3-month Lun aluminum was reported at 1705.
    5 US dollars / ton, up 0.
    53%
    per day.
    The main 2003 contract of Shanghai aluminum operated in shocks, with the highest 13,620 yuan / ton and the lowest 13,535 yuan / ton during the day, closing at 13,605 yuan / ton, unchanged from the closing price of the previous trading day; The trading volume was 45158 lots, and the daily decrease was 51054 lots; The position was 90,900 lots, a daily decrease of 7,021 lots
    .
    The basis was reduced to -155 yuan/ton; The price difference between Shanghai and aluminum in 2003-2004 narrowed to -25 yuan / ton
    .

    Shanghai aluminum

    Market focus: (1) On the 4th, the People's Bank of China launched a reverse repurchase operation of 500 billion yuan in the form of interest rate bidding, and the operating interest rate was the same as the previous time, and the total liquidity released in the two days reached 1.
    7 trillion yuan
    .
    (2) The U.
    S.
    ISM manufacturing PMI rose to 50.
    9, the highest since July, and was revised upwards to 47.
    8
    in December.
    (3) China's alumina imports in December were 406900.
    43 tons, an increase of 5445.
    15% over the same period last year and 96.
    77%
    over the previous month.

    Spot analysis: On February 4, spot A00 aluminum was reported at 13430-13470 yuan / ton, with an average price of 13450 yuan / ton, down 150 yuan / ton
    daily.
    Intraday market trading is still light, as spot prices continue to fall, and the discount has expanded, middlemen are more enthusiastic about receiving goods, but due to the current epidemic and some warehouses have not yet started, it takes the 10th to pick up the goods, the willingness of the holders to ship is suppressed, and the transaction between buyers and sellers is rare
    .
    A small number of downstream signs of stocking, but the overall volume of goods received is not obvious
    .

    Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 82,288 tons on Tuesday, an increase of 4,538 tons per day; On January 31, LME aluminum stocks were 1288350 tons, an increase of 14,025 tons
    per day.

    Main positions: the top 20 long positions of Shanghai aluminum main 2003 contract were 60140 lots, minus 5313 lots, short positions were 66283 lots, daily minus 4956 lots, net short positions were 6143 lots, daily increase of 357 lots, long and short were reduced, and net space increased
    .

    Market research and judgment: February 4 Shanghai aluminum main force 2003 shock adjustment
    .
    On the 4th, the People's Bank of China launched a reverse repurchase operation of 500 billion yuan in the form of interest rate bidding, the interest rate was the same as the previous day, and the cumulative liquidity in the two days reached 1.
    7 trillion yuan, and the market pessimism was repaired
    .
    However, China's alumina imports increased sharply in December, and domestic alumina port stocks reached 710,000 tons on the 2nd, a new high since August 2017, and alumina prices were under pressure; The U.
    S.
    ISM manufacturing PMI data was better than expected, the dollar rebounded sharply, and aluminum prices lacked
    upward momentum.
    In terms of spot, intraday market trading is still light, as spot prices continue to fall, middlemen are more enthusiastic about receiving goods, but due to the current epidemic and some warehouses have not yet started, the willingness of holders to ship has been suppressed, and a small number of downstream signs of stocking
    .
    Technically, the mainstream long position of Shanghai's main 2003 contract reduced its position greatly, and the daily KDJ continued to decline, and it is expected to fluctuate
    at a short-term low.

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