The main force of Shanghai aluminum rushed back down and the market transaction was average

Market focus: (1) The U.
S.
Senate is abandoning plans to begin discussing President Joe Biden's $1.
9 trillion pandemic relief bill on Wednesday, increasing the likelihood that
the dollar change will be delayed until the end of the week.
(2) Fed Chairman Jerome Powell will discuss issues related to the U.
S.
economy at 1:15 a.
m.
Beijing time on Friday and is expected to remain conservative
.
(3) On March 4, the inventory of electrolytic aluminum in China's main market was 1.
184 million tons, an increase of 23,000 tons
from March 1.
(4) On March 4, the inventory of 6063 aluminum rods in China's main market was 275,000 tons, down 0.
05 million tons
from March 1.

Spot analysis: On March 4, spot A00 aluminum was reported at 17560-17600 yuan / ton, with an average price of 17580 yuan / ton, up 150 yuan / ton
daily.
Shipments are gradually increasing, receiving goods is still less, large households are generally enthusiastic about receiving goods, and the transaction is average
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 113139 tons on Thursday, a daily increase of 1627 tons; On March 3, LME aluminum stocks were 1304075 tons, a daily decrease of 3,050 tons, a 20-day
decline.

Main positions: the top 20 long positions of Shanghai aluminum main 2104 contract 126955 lots, a daily increase of 1641 lots, a short position of 147946 lots, a daily decrease of 762 lots, a net short position of 20991 lots, a daily decrease of 2403 lots, more short increases, and a decrease
in net short.

Market research and judgment: On March 4, Shanghai aluminum 2104 rushed back down
.
The US $1.
9 trillion stimulus package may be hampered by delays, while the Fed chairman is about to discuss issues related to the US economy, and US Treasury yields have climbed recently, and the market fears that the Fed may change its dovish attitude, and the dollar index is rising
.
Domestic aluminum production profits remain high, electrolytic aluminum production capacity continues to increase, but the pace of production has slowed down, and under the carbon peak policy, Inner Mongolia will no longer approve new projects
this year.
Downstream processing enterprises have not fully resumed work, and domestic aluminum inventories have entered the accumulation cycle, but the overall is still at a low level, and the future market demand is expected to be good, which has some support
for aluminum prices.
Technically, the mainstream position of the main 2104 contract of Shanghai aluminum increased and reduced the short, paying attention to the support of the 10-day moving average, and it is expected that the market will adjust
at a high level.