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On Wednesday, the main 2103 contract of Shanghai aluminum rebounded slightly, with the highest 14865 yuan / ton and the lowest 14635 yuan / ton within the day, closing at 14805 yuan / ton, up 0.
41% from the closing price of the previous trading day; In the external market, LME aluminum rebounded at a low level, as of 15:00 Beijing time, 3-month Lun aluminum was reported at 1983 US dollars / ton, up 0.
51%
per day.
Market focus: (1) U.
S.
Treasury Secretary candidate Yellen said that helping the unemployed and small businesses would be the most "value for money", urging lawmakers to take "big moves" to save the economy hit by the
epidemic.
Spot analysis: On January 20, spot A00 aluminum was reported at 14730-14770 yuan / ton, with an average price of 14750 yuan / ton, down 80 yuan / ton
per day.
Yangtze River Nonferrous Metal reported that cargo holders actively shipped, downstream demand weakened, enthusiasm for receiving goods was low, and transaction activity weakened
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 87,009 tons on Wednesday, a daily decrease of 2,473 tons; On January 19, LME aluminum stocks were 1414675 tons, an increase of 17,600 tons
per day.
Main positions: the top 20 long positions of the main 2103 contract of Shanghai aluminum are 89645 lots, an increase of 2140 lots per day, 102795 short positions, a daily increase of 225 lots, a net short position of 13150 lots, a daily decrease of 1915 lots, both long and short increases, and the net space decreases
.
Market research and judgment: Shanghai aluminum 2103 rebounded
slightly on January 20.
U.
S
.
Treasury Secretary candidate Yellen needs to take "big moves" to save the economy and bring back market risk sentiment.
At the end of the year, downstream demand turned weak and natural gas supply restrictions and other reasons, resulting in some aluminum companies stopping production, domestic inventories entered the accumulation cycle, and aluminum prices performed weakly
.
However, the continuous deteriorating of aluminum inventories and the closure of the import arbitrage window will inhibit the inflow of overseas goods, and the market transaction has improved slightly after the decline in aluminum prices, which is conducive to the stabilization
of aluminum prices.
Technically, the mainstream long position of the main 2103 contract of Shanghai aluminum increased its position greatly, paying attention to the pressure of the 10-day moving average, and it is expected to adjust the short-term low
.
