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On Tuesday, the main 2105 contract of Shanghai aluminum rushed back down, with the highest 17955 yuan / ton and the lowest 17560 yuan / ton within the day, closing at 17575 yuan / ton, down 0.
17% from the closing price of the previous trading day; In the external market, LME aluminum fell slightly, as of 15:00 Beijing time, 3-month Lun aluminum was reported at 2212 US dollars / ton, down 0.
36%
on a daily basis.
Market Focus: (1) It is reported that US President Joe Biden is planning a major federal tax hike for the first time since 1993 to help pay for his long-term economic package
following the pandemic stimulus bill.
(2) At 20:30 Beijing time on Tuesday, the United States will release retail sales data
for February.
Spot analysis: On March 16, spot A00 aluminum was reported at 17740-17780 yuan / ton, with an average price of 17760 yuan / ton, a daily increase of 140 yuan / ton
.
Cargo holders are selling at a high price, traders are in demand for some long orders, downstream consumption is weak, and the overall trading is inactive
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 161657 tons on Tuesday, an increase of 1407 tons per day; On March 15, LME aluminum stocks were 1916725 tons, down 6,300 tons
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 2105 contract 157902 lots, a daily increase of 5501 lots, short positions of 169382 lots, a daily increase of 11238 lots, a net short position of 11480 lots, a daily increase of 5737 lots, long and short increases, net space increases
.
Market research and judgment: On March 16, Shanghai aluminum 2105 rushed back down
.
The suspension of the AstraZeneca vaccine in Germany, Italy and France has dragged down the prospects for economic recovery in the euro area, coupled with rising expectations of US economic growth and inflation, which has strengthened US Treasury yields and the US dollar
.
Domestic aluminum production profits remained high, electrolytic aluminum production capacity continued to increase, but the speed of production slowed down, and Inner Mongolia Baotou energy consumption dual control policy, shut down part of the electrolytic aluminum production capacity
.
And the recent inventory growth rate has shown signs of slowing down, coupled with the downstream demand season is gradually coming, the demand outlook is optimistic, and the support for aluminum prices has been strengthened
.
Technically, the main 2105 contract of Shanghai aluminum increased its position on the line, paying attention to the 10-day moving average support, and it is expected that the market will be volatile in
the future.
