The main force of Shanghai aluminum opens low and goes low, and it is expected that the market will fluctuate and pull back

Market focus: (1) Democrats in the United States, who narrowly control the House of Representatives, voted to approve a new round of $1.
9 trillion economic rescue plan, which aims to provide financial support
to American families and businesses affected by the new crown epidemic.
(2) Caixin China's manufacturing PMI recorded 50.
9 in February 2021, although it was in expansion territory for the tenth consecutive month, but it has fallen for three consecutive months to the lowest value
since June 2020.
(3) My nonferrous data, on March 1, the inventory of electrolytic aluminum in China's main market was 116.
1 tons, an increase of 53,000 tons
from February 25.
(4) My nonferrous data, on March 1, the inventory of 6063 aluminum rods in China's main market was 275,500 tons, an increase of 02,000 tons
from February 25.

Spot analysis: On March 1, spot A00 aluminum was reported at 17030-17070 yuan / ton, with an average price of 17050 yuan / ton, down 220 yuan / ton
per day.
Yangtze River Nonferrous Metal reported that the holders were slightly reluctant to sell, the enthusiasm of large households to receive goods was general, and the transaction activity was weak
.

Warehouse receipt inventory: the total amount of Shanghai aluminum warehouse receipts on Monday was 108915 tons, a daily decrease of 25 tons; On February 26, LME aluminum stocks were 1325875 tons, a daily decrease of 6,650 tons, a 17-day
decline.
As of the week of February 26, the Shanghai aluminum inventory in the previous period reported 334,440 tons, a weekly increase of 29,927 tons, an increase of five consecutive weeks
.

Main positions: the top 20 long positions of Shanghai aluminum main 2104 contract 117042 lots, a daily decrease of 15197 lots, a short position of 144418 lots, a daily decrease of 11984 lots, a net short position of 27376 lots, a daily increase of 3213 lots, both long and short decreases, and net space increases
.

Market research and judgment: Shanghai aluminum 2104 opened low and went
low on March 1.
The US $1.
9 trillion stimulus package ushered in progress, but the recent US economic recovery and rising inflation expectations boosted a sharp recovery in the US dollar index, and the decline in China's PMI data fell month-on-month, which dampened
risk sentiment.
Domestic aluminum production profits remain high, stimulating the continuous release of production capacity, superimposed downstream processing enterprises have not fully resumed work, domestic aluminum inventories have entered the accumulation cycle, aluminum prices have been suspended
.
However, it is reported that some aluminum companies in Inner Mongolia have been ordered to reduce production due to environmental protection problems, superimposed on the current inventory is still at a low level, and downstream demand is expected to be good, supporting the high operation of aluminum prices
.
Technically, the mainstream long position of the main 2104 contract of Shanghai aluminum reduced their positions greatly, focusing on the support of the 16600 position, and it is expected that the market will fluctuate and pull back
.