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On Thursday, the main 2107 contract of Shanghai aluminum rushed back down, with a maximum of 18,640 yuan / ton, a minimum of 18,360 yuan / ton, and a close of 18,440 yuan / ton, up 0.
27% from the previous trading day's closing price; LME aluminum fluctuated at a low level, as of 15:00 Beijing time, 3-month Lun aluminum was reported at $2448 / ton, down 0.
16%
from the previous session.
Market focus: (1) China's CPI rose 1.
3% year-on-year and 0.
2% month-on-month in May; PPI rose 9% year-on-year, a 13-year high, and up 1.
6%
month-on-month.
(2) China's 6063 aluminum rod spot inventory on the 10th (10,000 tons): the total amount is 100,500 tons, down 02,000 tons from this Monday (June 7); on June 10, the domestic electrolytic aluminum social inventory is 919,000 tons, and the weekly storage is 35,000 tons
.
Spot analysis: spot A00 aluminum reported 18490-18530 yuan / ton, the average price was 18510 yuan / ton, up 120 yuan
daily.
The market atmosphere is quiet, the downstream wait-and-see mood is still strong, and the transaction is light
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 88,877 tons, down 1,200 tons from the previous trading day; LME stocks were 1649750 tonnes, down 3,425 tonnes
per day.
Main positions: the top 20 long positions of the main 2107 contract of Shanghai aluminum held 121990 lots, minus 2105 lots per day, short positions 116074 lots, minus 1191 lots per day, net long positions 5916 lots, daily minus 2561 lots, long short and net long both reduced
.
Market analysis: The volatility of the foreign exchange market has weakened, and the market is waiting for the US inflation data for May to be released in the day to assess the prospect
of the Fed's reduced stimulus policy.
On the policy side, the NDRC's study of further strengthening commodity price monitoring and early warning will once again crack down on commodity speculation
.
On the supply side, Yunnan, Inner Mongolia and other places have increased the control and reduction of electrolytic aluminum production, and the operating capacity and operation have fluctuated, and it is expected that the short-term output impact will continue; On the demand side, aluminum ingots and aluminum rods continue to go to storage, which supports the futures price, but the downstream wait-and-see mood is stronger
in the near future.
Overall, the recent aluminum price lacks upward momentum, but the downward space is limited, and the overall shock has fallen
.
