The main force of Shanghai aluminum continues to rise, and the market transaction activity is acceptable

Market focus: (1) In February, the US CPI increased by 0.
4% month-on-month, 0.
3% in the previous month, and 1.
7% year-on-year, in line with expectations
.
The US core CPI rose 0.
1% m/m in February vs 0% prior, below expectations of 0.
2% and up 1.
3% y/y vs.
1.
4%
prior.
(2) The $1.
9 trillion US stimulus bill was voted through the House of Representatives, and Biden is scheduled to sign
it on Friday.
(3) China and the United States will hold a meeting
at the level of senior diplomats in Alaska.
(4) In the week of March 11, the inventory of electrolytic aluminum in China's main market was 1.
233 million tons, an increase of 49,000 tons
from last week.
In the week of March 11, the inventory of 6063 aluminum rods in China's main market was 260,000 tons, down 15,000 tons
from last week.

Spot analysis: On March 11, spot A00 aluminum was reported at 17340-17380 yuan / ton, the average price was 17360 yuan / ton, and the daily increase was 270 yuan / ton
.
Holders ship a lot, large households are generally enthusiastic about receiving goods, and the transaction activity is acceptable
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 152578 tons on Thursday, an increase of 8,665 tons per day; On March 10, LME aluminum stocks were 1280575 tons, down 6,250 tons per day, down 25 consecutive days
.

Main positions: the top 20 long positions of Shanghai aluminum main 2104 contract were 124110 lots, a daily increase of 3362 lots, short positions were 144330 lots, a daily increase of 3544 lots, net short positions were 20220 lots, a daily increase of 182 lots, long and short increased, and net short increased
.

Market research and judgment: Shanghai aluminum 2104 continued to rise on March 11
.
US CPI data for February was muted, indicating that inflationary pressures remain subdued and the passage of the US $1.
9 trillion stimulus package by Congress boosted market risk sentiment
.
Domestic aluminum production profits remain high, electrolytic aluminum production capacity continues to increase, but the pace of production has slowed down, and under the carbon peak policy, Inner Mongolia will no longer approve new projects
this year.
And the recent inventory growth rate has shown signs of slowing down, coupled with the downstream demand season is gradually coming, the demand outlook is optimistic, and the support for aluminum prices has been strengthened
.
Technically, the main 2104 contract of Shanghai aluminum increased its position, testing the previous high position, and it is expected that the market will be volatile in
the future.