The main force of Shanghai aluminum fell sharply, and the short-term market fluctuated greatly

Market focus: (1) The State Food and Material Reserve Administration reported on June 16 that in accordance with the State Council's executive meeting on ensuring the supply and price stabilization of bulk commodities, the State Food and Material Reserve Administration will release national reserves
such as copper, aluminum and zinc in batches in the near future.
The launch is open to non-ferrous metal processing and manufacturing enterprises, and the relevant work is specifically responsible for the National Material Reserve Adjustment Center
.
(2) The US core PPI rose 4.
8% year-on-year in May, unchanged from the market expectation of 4.
8% and the previous value of 4.
1%.

US retail sales data for May fell 1.
3% month-on-month, falling more than expected by 0.
8%.

Spot analysis: spot A00 aluminum reported 18820-18860 yuan / ton, the average price was 18840 yuan / ton, down 130 yuan
daily.
Changjiang Nonferrous Metals reported that there is a phenomenon of both price support and price adjustment and selling in the spot market, the enthusiasm of the shipper is acceptable, the receiving party is bearish and wait-and-see, and the transaction situation is poor
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 81,130 tons, an increase of 222 tons over the previous trading day; LME stocks were 1627225 tonnes, down 12,975 tonnes
per day.

Main positions: the top 20 long positions of Shanghai aluminum 2107 contract held 109456 lots, minus 7665 lots per day, 107594 short positions, 12604 lots per day, 1862 net long positions, 598 daily losses, long short and net long both reduced
.

Market research and judgment: this Thursday will usher in the Fed's interest rate decision, from the recent non-farm payrolls data is less than expected, the United States CPI in May exceeded expectations but the US bond interest rate did not rise but fell and other performance, it is expected that the Fed will not move
this interest rate.
During the day, due to the strengthening of the US dollar index and the recent suppression of macro policy commodity supervision, the Shanghai aluminum futures price fell
sharply.
Recently, the overall performance of aluminum prices has been good, promoting the steady progress of the increase and resumption of electrolytic aluminum production, but it is still necessary to pay attention to the sustainable impact of policies on the industry, especially the dual control of energy consumption in Inner Mongolia and the impact of
power rationing in Yunnan.
On the demand side, the social inventory of electrolytic aluminum continues to be destocked, which supports aluminum prices
to a certain extent.
Overall, the recent Shanghai aluminum futures price fluctuates sharply, and the short-term market fluctuates greatly, pay attention to risk control
.