Shanghai aluminum rushed back down Market risk sentiment is strong

Market focus: (1) The number of non-farm payrolls in the United States recorded an increase of 916,000 in March, far exceeding expectations and increasing by 647,000, the largest increase since August last year; the unemployment rate in the United States recorded 6% in March, unchanged from expectations, and the previous value was 6.
2%, continuing to hit a new low
since March last year.
(2) The US Markit services PMI recorded 60.
4 in March, a new high
since July 2014.
(3) On April 6, the inventory of electrolytic aluminum in China's main market was 1.
233 million tons, down 09,000 tons from last Thursday; the inventory of 6063 aluminum rods in China's main market was 201,500 tons, down 10,500 tons
from last Thursday.

Spot analysis: On April 6, spot A00 aluminum was reported at 17490-17530 yuan / ton, with an average price of 17510 yuan / ton, up 80 yuan / ton
per day.
Changjiang Nonferrous Metal reported that the cargo holders actively shipped, the enthusiasm for receiving goods was low, the enthusiasm of large households to receive goods was general, and the transaction and investment weakened
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 153683 tons on Tuesday, a daily decrease of 602 tons; On April 1, LME aluminum stocks were 1,889,400 tons, a daily decrease of 7,675 tons
.

Main positions: the top 20 long positions of Shanghai aluminum main 2105 contract 125504 lots, a daily decrease of 3325 lots, short positions of 138096 lots, a daily decrease of 2638 lots, a net short position of 12592 lots, a daily increase of 687 lots, long and short decreases, net space increases
.

Market research and judgment: Shanghai aluminum 2105 rushed back down
on April 2.
The US dollar index retreated
from the highest growth rate on record for March as expectations of a stronger recovery in the US economy were partially priced in.
There is news that the National Reserve Bank plans to collect aluminum ingots before selling, raising concerns about increased supply; At present, the speed of domestic production capacity launch is slow, and the dual control policy of energy consumption in Baotou in Inner Mongolia also affects
output.
Recently, aluminum ingot inventories have shown a downward trend, Japanese port aluminum inventories have also declined, downstream demand has shown signs of recovery, and the demand outlook is optimistic, which supports aluminum prices
.
Technically, the center of gravity of the main 2105 contract of Shanghai aluminum has gradually moved up, above the moving average group, and it is expected that the market will fluctuate strongly
.