Shanghai aluminum high open fell back facing pullback pressure

LME aluminum fell under pressure on Thursday, and as of 15:00 Beijing time, 3-month Lun aluminum was reported at $1609.
5 / ton, down 1.
08%
on a daily basis.
The main 2007 contract of Shanghai aluminum opened high and fell, with the highest 13840 yuan / ton and the lowest 13470 yuan / ton within the day, closing at 13535 yuan / ton, down 0.
99% from the closing price of the previous trading day; The trading volume was 138,600 lots, an increase of 41,424 lots per day, and the position was 135,800 lots, a daily decrease of 6,303 lots
.
basis 325 yuan/ton; The price difference of Shanghai aluminum in 2007-2008 was 205 yuan / ton
.

Market focus: (1) The Fed kept interest rates near zero and said it would continue to increase its holdings of bonds, aiming to buy $80 billion in Treasury bonds and $40 billion in mortgage-backed securities
per month.
(2) SMM data, as of June 11, the domestic electrolytic aluminum social inventory weekly decline of 60,000 tons to 787,000 tons, the destocking trend continued
.

Spot analysis: On June 11, SMM spot A00 aluminum reported 13840-13880 yuan / ton, the average price was 13860 yuan / ton, up 40 yuan / ton
per day.
SMM reported that traders and downstream receivers have increased their enthusiasm, and the return is now expected as delivery approaches
.
The market has sufficient supply, and the holders are active in shipments, but the willingness of middlemen to receive goods is general
.
Downstream on-demand procurement is the mainstay
.
East China's overall transaction today is average
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 101041 tons on Thursday, a daily increase of 1032 tons; On June 10, LME aluminum stocks were 1541125 tons, down 25 tons
per day.

Main positions: the top 20 long positions of Shanghai aluminum main 2007 contract were 84391 lots, minus 3169 lots per day, short positions were 105168 lots, 5484 lots per day, net short positions were 20777 lots, daily minus 2315 lots, long and short were reduced, and net space was reduced
.

Market risk sentiment has heated up as the global economy shows signs of recovery; Domestic downstream demand continued to be released, the operating rate of processing enterprises remained stable, strong demand drove inventory continued to degrade, aluminum price upward momentum remained, and the premium strengthened in recent months
.
However, the decrease in overseas orders, coupled with the higher ratio of Shanghai, led to the opening of the import window and the suppression of aluminum exports; In addition, the gradual increase in electrolytic aluminum production will lead to a slowdown in inventory decomposition, and long-term pressure on aluminum prices will gradually increase
.
In terms of spot, the market has sufficient supplies, and the holders are active in shipments, but the willingness of middlemen to receive goods is average
.
Downstream on-demand procurement is the mainstay
.
Technically, the main 2007 contract daily KDJ indicator of Shanghai aluminum is dead-crossed, and the mainstream position increases and decreases more, and it is expected to be weak and volatile
in the short term.