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    Home > Chemicals Industry > New Chemical Materials > Shanghai aluminum lacks upward momentum and demand performance weakens

    Shanghai aluminum lacks upward momentum and demand performance weakens

    • Last Update: 2022-12-20
    • Source: Internet
    • Author: User
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    On Tuesday, the main 2103 contract of Shanghai aluminum fell under pressure, with the highest 15030 yuan / ton and the lowest 14775 yuan / ton within the day, closing at 14845 yuan / ton, down 0.
    67% 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 reported 2007 US dollars / ton, down 0.
    64%
    per day.

    Shanghai aluminum

    Market focus: (1) U.
    S.
    President Joe Biden said on Monday that he is open to adjusting the $1.
    9 trillion stimulus package and hopes to gain bipartisan support
    .
    But the stimulus was previously questioned by bipartisan Senate panels and bipartisan leaders of a moderate House panel
    .
    (2) According to data on January 25, the cumulative number of confirmed cases of new coronavirus in the world exceeded 100 million, and the daily confirmed cases exceeded 480,000
    .

    Spot analysis: On January 26, spot A00 aluminum reported 14940-14980 yuan / ton, the average price was 14960 yuan / ton, down 70 yuan / ton
    per day.
    Changjiang Nonferrous Metal reported that the circulation supply is abundant, the demand performance is weakening, the enthusiasm of large households to receive goods is average, and the transaction activity is poor
    .

    Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 79,889 tons on Tuesday, a daily decrease of 376 tons, a decline of 6 consecutive days; On January 25, LME aluminum stocks were 1412925 tons, down 3,850 tons
    per day.

    Main positions: the top 20 long positions of Shanghai aluminum main 2103 contract were 99865 lots, a daily increase of 5648 lots, short positions 112792 lots, a daily increase of 1423 lots, a net short position of 12927 lots, a daily decrease of 4225 lots, both long and short increases, and net space decreases
    .

    At the end of the year, downstream demand turned weak, and spot premiums weakened, making aluminum prices lack upward momentum
    .
    However, the recent closure of the import arbitrage window has inhibited the inflow of overseas goods, and the market transaction has improved slightly due to the decline in aluminum prices, and the recent decline in Shanghai aluminum inventories has stabilized from the low
    .
    Technically, the mainstream long position of the main 2103 contract of Shanghai aluminum increased its position greatly, facing the resistance of the 20-day moving average, and it is expected to adjust the short-term shock
    .

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