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On Tuesday, the main 2101 contract of Shanghai aluminum rushed back up, with the highest 16765 yuan / ton and the lowest 16485 yuan / ton within the day, closing at 16615 yuan / ton, up 0.
79% from the previous trading day's close; In the external market, LME aluminum continued to rise slightly, as of 15:00 Beijing time, 3-month Lun aluminum was reported at 2043 US dollars / ton, up 0.
15%
per day.
Market focus: (1) U.
S
.
President-elect Joe Biden announced the nomination of former Federal Reserve Chair Janet Yellen as Secretary of the Treasury.
(2) the Fed said it extended several emergency loan programs until March 31, 2021, and also extended the Money Market Mutual Fund and Compensation Protection Program; Liquidity instruments will continue to support market operations and strengthen credit profiles
.
Spot analysis: On December 1, spot A00 aluminum reported 16960-17000 yuan / ton, the average price was 16980 yuan / ton, up 210 yuan / ton
daily.
Changjiang Nonferrous Metal reported that the cargo holders actively shipped, the enthusiasm of large households to receive goods was general, the enthusiasm of downstream procurement was not high, and the transaction was average
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 86,702 tons on Tuesday, down 275 tons per day, down 11 consecutive days; On November 30, LME aluminum stocks were 1374025 tons, a daily decrease of 4,000 tons, a decline of 9 consecutive days
.
Main positions: the top 20 long positions of the main 2101 contract of Shanghai aluminum are 82879 lots, an increase of 1412 lots per day, 108163 short positions, a daily decrease of 973 lots, a net short position of 25284 lots, a daily decrease of 2385 lots, more short increases, and a decrease
in net space.
Market research and judgment: On December 1, the main force of Shanghai aluminum 2101 rushed back to the
high.
The market is worried that the Fed is preparing for the difficult birth of new QE, causing the US index to rebound low, but the US economy is still expected
to depreciate under the impact of the epidemic.
Domestic electrolytic aluminum market demand maintained a good performance, and domestic spot and Shanghai aluminum warehouse receipts showed a downward trend, supporting the continuation of strong aluminum prices
.
However, alumina prices continue to weaken, and the high profit of electrolytic aluminum production will stimulate the production capacity of aluminum plants to accelerate the launch; Coupled with the recent expansion of import arbitrage, overseas sources are expected to increase, and the upward momentum of aluminum prices may weaken.
Technically, the main 2101 contract of Shanghai aluminum continues to rise, and the mainstream position increases and shorts, and it is expected to continue to be strong in the short term
.
