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On Tuesday, the main 2109 contract of Shanghai aluminum rushed back down, with the highest 19,765 yuan / ton, the lowest 19,465 yuan / ton, closing at 19,540 yuan / ton, down 0.
05% from the closing price of the previous trading day; LME aluminum fell in volatility, and as of 15:00 Beijing time, 3-month Lun aluminum was reported at $2501 / ton, down 0.
14%
from the previous session.
Market focus: (1) U.
S.
Senate infrastructure bill negotiations suffered setbacks on Monday, with Republicans rejecting proposals from the White House and Democrats aimed at resolving all outstanding issues, casting doubt
on Congress' goal of passing a $579 billion infrastructure bill before the August recess.
(2) According to data from the International Aluminium Association, in June, global alumina production reached 11.
695 million tons, down 4.
26% month-on-month and up 6.
14%
year-on-year.
Spot analysis, spot A00 aluminum reported 19520-19560 yuan / ton, the average price was 19540 yuan / ton, down 90 yuan
daily.
Cargo holders shipped at high prices, downstream consumption was weak, large households were generally enthusiastic about receiving goods, and trading weakened subsequently
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 90,341 tons, an increase of 652 tons per day; LME stocks were 1,408,000 tonnes, down 8,775 tonnes
per day.
Main positions: the top 20 long positions of Shanghai aluminum 2109 contract held 184879 lots, minus 6465 lots per day, short positions 172277 lots, minus 1555 lots per day, net long positions 12602 lots, daily minus 4910 lots
.
Long and short decrease, net long decrease
.
Market judgment: This week's focus is on Powell's speech at the Fed interest rate meeting, and his related remarks may further guide the direction of the market, and market caution is heating up
.
Domestically, the latest data show that alumina imports have fallen sharply, and the import window has closed
again.
Yunnan continued to limit power and production, resulting in the shutdown of nearly one million tons, the load reduction of Mengxi aluminum plant and the suspension of new investment in Guangxi, the supply disturbance caused by heavy rain in Henan was more serious, 420,000 tons of production capacity was forced to shut down, and the operating capacity fell
again.
Overall, the recent frequent disturbance of the supply side of the aluminum market, the continued decline of electrolytic aluminum social inventory, supporting the center of gravity of aluminum prices to move
up.
Technically, the AL2019 contract 1-hour MACD indicator high dead cross, facing the upper edge resistance
of the ascending channel.
