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    Home > Chemicals Industry > New Chemical Materials > The US dollar came under pressure and the main aluminum contract opened high and continued to rise

    The US dollar came under pressure and the main aluminum contract opened high and continued to rise

    • Last Update: 2022-12-18
    • Source: Internet
    • Author: User
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    LME aluminum opened low on Monday, as of 15:00 Beijing time, 3-month Lun aluminum was reported at $1707 / ton, up 0.
    32%
    per day.
    The main 2004 contract of Shanghai aluminum opened high and continued to rise, with the highest 13300 yuan / ton and the lowest 13165 yuan / ton within the day, closing at 13255 yuan / ton, up 1.
    11% from the closing price of the previous trading day; The trading volume was 76483 lots, and the daily decrease was 24189 lots; The position was 126,700 lots, a daily decrease of 4,661 lots
    .
    The basis was reduced to -205 yuan/ton; The price difference of Shanghai aluminum in 2004-2005 narrowed to -65 yuan / ton
    .

    Period aluminum

    Market Focus: (1) Fed Chairman Jerome Powell said that the public health emergency poses an "evolving risk" to U.
    S.
    economic growth and hinted at lowering interest rates
    if necessary.
    (2) According to the list of major project investment plans released by Beijing, Shanghai, Jiangsu Province, Zhejiang Province, Yunnan Province, Jiangxi Province and Fujian Province in 2020, the total investment amount exceeds 20 trillion yuan, of which infrastructure investment is still an important part
    .

    Spot analysis: On March 2, spot A00 aluminum was reported at 13030-13070 yuan / ton, with an average price of 13050 yuan / ton, down 120 yuan / ton
    daily.
    SMM reported that the number of market receivers increased significantly during the day, but the transaction price was slightly deadlocked, and the actual transaction performance of traders and buyers and sellers was average
    .
    Downstream intraday on-demand purchases are mainly used, and there are no signs of
    significant stocking.
    The overall transaction in East China was flat
    during the day.

    Warehouse receipt inventory: the total number of Shanghai aluminum warehouse receipts on Monday was 216937 tons, an increase of 7,527 tons, an increase of 7 consecutive days; On February 28, LME aluminum stocks were 1082150 tons, a daily decrease of 10,125 tons, a 13-day
    decline.
    As of the week of February 28, the Shanghai Futures Exchange aluminum inventory was 439087 tons, a weekly increase of 29,452 tons, an increase of 8 consecutive weeks
    .

    Main positions: the top 20 long positions of Shanghai aluminum main 2004 contracts were 83986 lots, minus 3089 lots per day, short positions were 98375 lots, daily increase of 155 lots, net short positions were 14389 lots, daily increase of 3244 lots, more short positions, net space increased
    .

    During the day, the main force of Shanghai aluminum opened high in 2004 and continued to rise
    .
    The global epidemic has shown a spreading trend, which has increased the market's concerns about the economic outlook; At the same time, the resumption of work of downstream processing enterprises is slow, coupled with the fact that domestic automobile transportation has not fully recovered, and the recent accumulation of Shanghai aluminum inventories has put pressure
    on aluminum prices.
    However, expectations of a 25 basis point interest rate cut by the Fed in March increased sharply, and the dollar came under pressure to the downside; At the same time, the epidemic situation in China has improved, and as transportation gradually resumes, downstream procurement will continue to increase, which is conducive to easing the current inventory pressure; In addition, the Chinese government plans to expand infrastructure investment, which is conducive to the repair of demand and strengthens the support for aluminum prices
    .
    In terms of spot, the number of intraday market receivers increased significantly, but the transaction price was slightly deadlocked, and the actual transaction performance of traders and buyers was average
    .
    Downstream intraday on-demand purchases are mainly used, and there are no signs of
    significant stocking.
    Technically, the main 2004 contract of Shanghai aluminum reduced its position, and the daily KDJ golden cross signs are expected to continue to rise
    slightly in the short term.

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