The main force of Shanghai aluminum fell slightly, and the demand in the peak season supported the price

Market focus: (1) The US consumer confidence index fell
for the first time this year.
(2) The National Development and Reform Commission issued an action plan
for deepening the reform of the price mechanism during the 14th Five-Year Plan period.
(3) The first phase of the 1 million tons of alumina project of Indonesia Bintan Alumina Co.
, Ltd.
has been fed out of the workshop on May 10, 2021, marking the official start
of the production of the first phase of the project.

Spot analysis: On May 26, spot A00 aluminum was reported at 18370-18410 yuan / ton, with an average price of 18390 yuan / ton, up 20 yuan
per day.
Changjiang Nonferrous Metal reported that the cargo holders adjusted the price and shipment, the willingness to receive the goods was not strong, the enthusiasm of large households to receive the goods was average, and the transaction was weak
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 150802 tons on Wednesday, down 3,648 tons from the previous trading day; On May 25, LME stocks were 1733775 tonnes, down 8,050 tonnes
per day.

Main positions: the top 20 long positions of Shanghai aluminum main 2107 contract held 146033 lots, minus 7051 lots per day, short positions 134065 lots, daily minus 1618 lots, net long positions 11968 lots, daily minus 3701 lots, long short and net long reduction
.

Market research: The US consumer confidence index unexpectedly fell in May, the Federal Reserve once again came out to downplay inflation expectations, coupled with the economic recovery of the euro area and the United Kingdom, which supported the euro and the pound, and the dollar came under pressure to the downside
.
On the supply side, short-term alumina imports remained at a low level, the overall operating rate was not high, and the willingness to purchase spot was low; The aluminum ingot holder actively ships, the receiver buys according to the demand, and the overall transaction of the market is average
.
On the demand side, terminal consumption is still in the peak season, and downstream on-demand procurement supports aluminum prices
.
Technically, the main 2107 contract day MACD indicator of Shanghai aluminum shows the expansion of the green kinetic energy column, focusing on the support of the moving average
.
Operationally, the 18100-18600 range is high and low, and the stop loss is 150 points
each.