The main force of Shanghai aluminum opened high and fluctuated, and the tight supply and demand supported the futures price

Market focus: (1) The inventory of electrolytic aluminum in China's main markets on the 12th was 82.
2, down 1.
9
from July 8.
(10,000 tons); On the 12th, the total inventory of 6063 aluminum rods in China's main market was 13.
55, an increase of 0.
15
from July 8.
(10,000 tons)

Spot analysis, spot A00 aluminum reported 19140-19180 yuan / ton, the average price was 19160 yuan / ton, up 100 yuan
daily.
Changjiang Nonferrous Metal reported that the cargo holder shipped at a high price, the receiving party was highly motivated to purchase at low prices, and the market trading was acceptable
.

warehouse receipt inventory, Shanghai aluminum warehouse receipts totaled 79,427 tons, a daily increase of 3,548 tons; LME stocks were 1480150 tonnes, down 15,925 tonnes
per day.

Main positions: the top 20 long positions of Shanghai aluminum 2108 contract held 134527 lots, an increase of 8504 lots per day, 129744 short positions, a daily increase of 7626 lots, and a net long position of 4783 lots, a daily increase of 696 lots
.
Both long and short and net long increased
.

Market research and judgment: Shanghai aluminum 2018 contract high
volatility.
For now, the bullish sentiment from the RRR cut has calmed down slightly, while risk aversion driven by the hawkish turn of the Federal Reserve and the rise of the global epidemic has supported the dollar
.
Markets are now closely watching the US inflation data for June due on Tuesday to gather further clues
that the Fed has adopted an early tapering monetary policy.
Fundamentals, the recent recovery of supply in various production areas, the operating capacity is expected
to rise marginally.
Aluminum ingot inventories showed a slight sign of accumulation, while domestic electrolytic aluminum was further destocked, and short-term market supply and demand were still tight, forming a strong support
for futures prices.