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On Wednesday, the main 2010 contract of Shanghai aluminum rebounded, with the highest 14585 yuan / ton and the lowest 14350 yuan / ton during the day, closing at 14505 yuan / ton, down 0.
34% from the previous trading day's closing price; As of 15:00 Beijing time, 3-month Lun aluminum was reported at $1820 / ton, up 0.
08%
per day.
Market focus: (1) The ISM manufacturing index in the United States was 56 in August, up from 54.
2
in July.
This is the highest level since January 2019, marking three consecutive months of growth
.
Spot analysis: On September 2, spot A00 aluminum was reported at 14500-14540 yuan / ton, with an average price of 14520 yuan / ton, down 180 yuan / ton
per day.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 130285 tons on Wednesday, a daily increase of 2247 tons; On September 1, LME aluminum stocks were 1550225 tons, a daily decrease of 4,150 tons, a drop of 9 consecutive days
.
Main positions: the top 20 long positions of Shanghai aluminum main 2010 contracts were 81821 lots, a daily increase of 7642 lots, short positions were 88014 lots, a daily decrease of 290 lots, a net short position of 6193 lots, a daily decrease of 7932 lots, more increase and a decrease in short space, and a decrease
in net short.
Market research and judgment: On September 2, the main force of Shanghai aluminum in 2010 rebounded
.
Recently, affected by the production reduction of Alunrote alumina plant, alumina prices have rebounded slightly; Moreover, the current electrolytic aluminum inventory is still at a low level, and the import window is initially closed to inhibit the entry of overseas sources; In addition, the downstream aluminum rod inventory still continues to degrade, and the same period of previous years is the increase cycle, so the downstream inventory pressure is also small, which supports the aluminum price
.
However, the domestic electrolytic aluminum production capacity is gradually recovering, the operating rate of producers is rising, and the rapid rise of import supply, the supply release is expected to limit the space
above the aluminum price.
Technically, the main 2010 contract increase of Shanghai aluminum closed longer in the lower shadow, closed in the shock range, and is expected to run
strongly in the short term.
