The main force of Shanghai aluminum continues to rise, and short-term volatility is expected to be strong

Market focus: (1) U.
S.
House Speaker Nancy Pelosi said that another pandemic stimulus package is likely as House Democrats try to push ahead with a smaller $2.
4 trillion aid package
.

Spot analysis: On September 28, spot A00 aluminum was reported at 14530-14570 yuan / ton, with an average price of 14550 yuan / ton, a daily increase of 270 yuan / ton
.
Yangtze River Nonferrous Metal reported that the cargo holders mainly dumped goods, and the downstream was afraid of heights to receive goods poorly, and the enthusiasm of large households to receive goods was acceptable
.

Warehouse receipt inventory: the total number of Shanghai aluminum warehouse receipts on Monday was 90,982 tons, a daily decrease of 6,668 tons, a continuous decline of 10 days; On September 25, LME aluminum stocks were 1477175 tons, a daily decrease of 5,050 tons, a 27-day
decline.
As of the week of September 25, the Shanghai aluminum inventory in the previous period was reported 230017 tons, a weekly decrease of 18,974 tons
.

Main positions: the top 20 long positions of Shanghai aluminum main 2011 contract are 70601 lots, minus 1015 lots per day, 78962 short positions, minus 2220 lots per day, net short positions are 8361 lots, daily minus 1205 lots, long and short are reduced, and net space is reduced
.

Market research and judgment: On September 28, the main force of Shanghai aluminum 2011 continued to rise
.
The recent lack of clarity in the speeches of Fed officials has boosted the demand for the US dollar, coupled with the rebound of the epidemic in Europe, which has put pressure on the euro, and the US dollar index has continued to be strong; At the same time, the domestic electrolytic aluminum smelting capacity was gradually released, coupled with the slight decline in domestic aluminum production month-on-month, which put greater pressure
on aluminum prices.
However, the market demand performance is acceptable, the market is willing to stock up before the holiday, and the current inventory in both markets shows a downward trend and the decline is expanding, supporting the low recovery of aluminum prices
.
Technically, the mainstream short position reduction of the main 2011 contract of Shanghai aluminum is large, and it is expected to stand at the 10,000-4 mark again, and it is expected that the short-term shock will be strong
.