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On Monday, the main 2105 contract of Shanghai aluminum rebounded, with the highest 17595 yuan / ton and the lowest 17265 yuan / ton within the day, closing at 17395 yuan / ton, down 0.
51% from the closing price of the previous trading day; LME aluminum rebounded, as of 15:00 Beijing time, 3-month Lun aluminum reported 2254.
5 US dollars / ton, down 0.
64%
on the day.
Market focus: (1) US President Joe Biden proposed a $1.
52 trillion fiscal year 2022 budget, which includes proposals to significantly increase funding to address inequality, disease and climate change
.
(2) The monthly growth rate of U.
S.
PPI in March was 1.
0%, and the annual growth rate was 4.
2%, the highest since 2011; Core PPI rose 0.
7% m/m in March, compared with an annual growth rate of 3.
1%.
(3) On April 12, the inventory of electrolytic aluminum in China's main market was 1.
208 million tons, down 25,000 tons
from last Thursday.
(4) On April 12, the inventory of 6063 aluminum rods in China's main market was 190,000 tons, down 04,500 tons
from last Thursday.
Spot analysis: On April 12, spot A00 aluminum reported 17360-17400 yuan / ton, the average price was 17380 yuan / ton, down 110 yuan / ton
per day.
The source of circulation of goods has tightened, the receiving party has actively entered the market for procurement, the enthusiasm of large households to receive goods is acceptable, and the transaction performance is good
.
Warehouse receipt inventory: the total amount of Shanghai aluminum warehouse receipts on Monday was 157583 tons, a daily decrease of 2 tons; On April 9, LME stocks were 1854250 tonnes, down 6,600 tonnes
per day.
As of the week of April 9, the inventory of Shanghai aluminum in the previous period was reported 392248 tons, an increase of 4514 tons, an increase of 11 consecutive weeks.
Main positions: the top 20 long positions of Shanghai aluminum main 2105 contract 115166 lots, minus 2339 lots per day, short positions 124103 lots, daily reduction of 4964 lots, net short positions of 8937 lots, daily reduction of 2625 lots, long and short reduction, net space reduction
.
Market research and judgment: On April 12, Shanghai aluminum 2105 rebounded
.
The US president's $1.
52 trillion fiscal year 2022 budget, while the overall US PPI rose 4.
2% in March from a year earlier, indicating that inflationary pressures continued to increase and the dollar index rebounded
.
There is news that the National Reserve Bank plans to collect aluminum ingots before selling, raising concerns about increased supply; At present, the speed of domestic production capacity launch is slow, and the dual control policy of energy consumption in Baotou in Inner Mongolia also affects
output.
Recently, aluminum ingot inventories have shown a downward trend, and aluminum inventories in Japanese ports have also declined, and the recent increase in downstream procurement willingness has strongly supported aluminum prices
.
Technically, the mainstream short position reduction of the main 2105 contract of Shanghai aluminum is large, paying attention to the support of the 40-day moving average, and it is expected that the market will adjust
at a high level.
