The main force of Shanghai aluminum opens low and goes low, and it is expected that the market will adjust at a high level

Market focus: (1) It is reported that the White House will unveil a $2.
25 trillion jobs and infrastructure plan on Wednesday, but it is difficult to pass the plan
.
(2) At 20:15 Beijing time on March 31, the number of ADP employment in the United States in March will be announced, and the market is expected to increase by 550,000 compared with 117,000
in the previous month.

Spot analysis: On March 31, spot A00 aluminum was reported at 17140-17180 yuan / ton, with an average price of 17160 yuan / ton, down 180 yuan / ton
per day.
Yangtze River Nonferrous Metal reported that the holders shipped at a high price, the downstream consumption of existing inventory was the mainstay, the replenishment action was not obvious, the market trading atmosphere was general, and the spot transaction performance was light
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 156919 tons on Wednesday, a daily increase of 1321 tons; On March 30, LME aluminum stocks were 1905375 tons, a daily decrease of 11,700 tons, a 7-day
decline.

Main positions: the top 20 long positions of Shanghai aluminum main 2105 contract 132544 lots, a daily decrease of 4279 lots, a short position of 136353 lots, a daily decrease of 9685 lots, a net short position of 3809 lots, a daily decrease of 5406 lots, both long and short reduction, net space reduction
.

Market research and judgment: Shanghai aluminum 2105 opened low and went
low on March 31.
US President Joe Biden is expected to announce a large-scale infrastructure plan, and the market expects the upcoming US non-farm payrolls data to rise sharply, and confidence in the US economic recovery has increased, which has extended the strength of the US dollar index
.
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.
And the recent aluminum ingot inventory has shown a downward trend, downstream demand has shown signs of recovery, and the demand outlook is optimistic, which supports aluminum prices
.
Technically, the mainstream short position reduction of the main 2105 contract of Shanghai aluminum is large, and the triangular convergence trend is expected to adjust at a high level in the future
.