The main force of Shanghai aluminum fell sharply, and there may be a risk of a high pullback in the short term

Market focus: (1) As of September 13, Mysteel counted that China's electrolytic aluminum social inventory was 773,000 tons, an increase of 19,000 tons from last Thursday (September 9), and 737,000 tons
in the same period last year.
(2) A document in Yunnan on strengthening the dual control of energy consumption is circulating
on the Internet.
The document calls for strengthening control
over key industries such as steel, cement, aluminum, coal power, yellow phosphorus and industrial silicon.
Among them, yellow phosphorus and industrial silicon have both been reduced by 90% production; In four industries, including fertilizer manufacturing, basic chemical raw material manufacturing, coal processing, and ferroalloy smelting, enterprises with energy consumption of 10,000 yuan with added value that is more than twice the industry average are also required to limit production by 90%.

Spot analysis: SMM spot A00 aluminum reported 22870-22910 yuan / ton, the average price was 22890 yuan / ton, down 530 yuan
per day.
Holders are bearish and willing to hold up prices, and the purchasing enthusiasm of the receiving party is still average, and most of them are purchased at low prices, and the overall transaction is light
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 99,788 tons, with a daily increase of 5,220 tons; LME stocks were 1,303,500 tonnes, down 5,950 tonnes
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 2110 contract held 108247 lots, minus 20350 lots per day, 123032 short positions per day, 24162 lots per day, 14785 net short positions, 3821 daily lots, long short and net short both reduced
.

Philadelphia Fed President Harker said he preferred to start tapering bond purchases as soon as possible, hawkish comments boosted the dollar, focusing on Tuesday's US CPI data and Thursday's US retail sales data
.
The dual control of power consumption in many places in China has a continuous impact on the production of electrolytic aluminum, and supply disturbances continue to form strong support for futures prices
.
However, the latest data shows that domestic electrolytic aluminum continues to accumulate, high aluminum prices suppress downstream consumption obviously, and terminal enterprises lack enthusiasm for procurement
.
Combined with short-term sentiment and capital, the long-short game is more intense, and it is necessary to be vigilant against the fear of heights in the market after the sharp rise in the early stage, and there may be a risk of a high pullback in the short term
.