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LME aluminum encountered resistance to the upside on Wednesday, as of 15:00 Beijing time, 3-month Lun aluminum was reported at $1605 / ton, up 0.
12%
per day.
The main 2007 contract of Shanghai aluminum opened low and went high, with the highest 13,730 yuan / ton and the lowest 13,480 yuan / ton during the day, closing at 13,670 yuan / ton, up 0.
85% from the closing price of the previous trading day; The trading volume was 142093 lots, with a daily decrease of 36892 lots; The position was 142,100 lots, a daily decrease of 2,551 lots
.
basis 150 yuan/ton; The price difference of Shanghai aluminum in 2007-2008 was 195 yuan / ton
.
Market focus: (1) At 2:00 Beijing time on Thursday, the US FOMC will announce its interest rate decision, and the market expects the tone of the meeting to remain dovish
.
(2) Trump's decision to withdraw 9,500 troops from Germany, America's strongest ally, reduced the number there from 34,500 to 25,000
, a senior U.
S.
official said.
Spot analysis: On June 10, SMM spot A00 aluminum was reported at 13800-13840 yuan / ton, with an average price of 13820 yuan / ton, down 30 yuan / ton
per day.
SMM reported that today a large household is purchasing normally, receiving goods around 13830 yuan / ton, holders tend to ship, middlemen are generally willing to receive goods, and the market still shows a situation
of more and less.
Downstream on-demand procurement is the mainstay, and high prices are not recognized
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 100009 tons on Wednesday, a daily decrease of 1,875 tons, a continuous decline of 38 days; On June 9, LME aluminum stocks were 1541150 tons, an increase of 15,500 tons
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 2007 contract were 87560 lots, minus 1080 lots per day, short positions were 110652 lots, 2240 lots per day, net short positions were 23092 lots, daily minus 1160 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 shippers are very active, the middlemen are not very enthusiastic about receiving goods, a large household purchases normally today, and the downstream is still mainly purchased on demand
.
Technically, the daily MACD red column increment of the main 2007 contract of Shanghai aluminum is expected to test the 13800 position, and it is expected to be strong in the short term
.
