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On Wednesday, the main 2109 contract of Shanghai aluminum fluctuated downward, with the highest 19575 yuan / ton, the lowest 19335 yuan / ton, and the close of 19370 yuan / ton, down 1.
30% from the closing price of the previous trading day; LME aluminum fluctuated to the downside, as of 15:00 Beijing time, 3-month Lun aluminum was reported at $2478 / ton, down 0.
27%
from the previous session.
Market focus: (1) U.
S.
home prices once again hit the largest increase in more than 30 years, refreshing the historical record set in April, and the surge in house prices made buyers less willing to buy new homes
.
(2) Henan listed copper, lead, zinc and silicon smelting (including primary and recycled smelting) as the scope of
the "two highs" project.
(3) Due to workers' strike: Rio Tinto's Kitimat aluminium smelter began to reduce production, involving a capacity of about 280,000 tons
.
Spot analysis: SMM spot A00 aluminum reported 19350-19390 yuan / ton, the average price was 19370 yuan / ton, down 170 yuan
daily.
The price of the holder in the morning was subsequently lowered, and the receiver changed from wait-and-see to active procurement, the transaction improved, and the overall transaction was good
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 9,070 tons, a daily decrease of 171 tons; LME stocks were 1,401,500 tonnes, down 6,500 tonnes
per day.
Main positions: the top 20 long positions of Shanghai aluminum 2109 contract held 168694 lots, minus 11660 lots per day, short positions 160069 lots, minus 10051 lots per day, net long positions 8625 lots, daily minus 3977 lots
.
Both long and short decreases and net long decreases
.
Market research: U.
S.
house prices once again hit the largest increase in more than 30 years, refreshing the all-time record set in April, and the surge in house prices made buyers less willing to buy new homes
.
This week's focus is on Powell's speech at the Fed's interest rate meeting, which may further guide the direction of the market, and market caution has increased
.
Domestically, the recent supply side continues to disrupt, due to the summer power peak, the recent power load of China Southern Power Grid has risen sharply, following the power rationing in Yunnan, Guangxi, Guizhou and other aluminum-producing provinces have increased the pressure on electricity, some aluminum industry chain enterprises have received power rationing requirements, the overall operating capacity has declined
again.
In addition, the current social inventory of aluminum ingots and aluminum rods continues to decline, which supports aluminum prices
.
