The main force of Shanghai aluminum rushed to the high pullback and is expected to fluctuate in a wide range of short lines

Market focus: (1) Senate Republican leader Mitch McConnell proposed that if Democrats were willing to give up aid to state and local governments, he would also back down
on the issue.
(2) Pfizer received emergency use authorization
from the United States for its new crown vaccine.
(3) On December 14, the inventory of China's main electrolytic aluminum market was 604,000 tons, down 10,000 tons from December 10
.

Spot analysis: On December 14, spot A00 aluminum was reported at 16630-16670 yuan / ton, with an average price of 16650 yuan / ton, down 70 yuan / ton
per day.
Changjiang Nonferrous Metal reported that the circulation supply is tight, the market demand is acceptable, the enthusiasm of large households to receive goods is acceptable, and the transaction activity is average
.

Warehouse receipt inventory: the total number of Shanghai aluminum warehouse receipts on Monday was 80,547 tons, a daily decrease of 125 tons, a continuous decline of 20 days; On December 11, LME aluminum stocks were 1,329,600 tons, a daily decrease of 3,775 tons, down 19 consecutive days
.
As of the week of December 11, the previous Shanghai aluminum inventory was reported at 214,620 tons, a weekly increase of 288 tons
.

Main positions: the top 20 long positions of Shanghai aluminum main 2101 contract are 68895 lots, a daily increase of 18 lots, short positions are 86307 lots, a daily decrease of 442 lots, a net short position of 17412 lots, a daily decrease of 460 lots, more increase and short, a decrease
in net space.

Market research and judgment: Shanghai aluminum 2101 rushed back on
December 14.
Expectations of a stronger US stimulus package, a downward pressure on the US dollar index, and the start of a vaccination campaign in the US have boosted optimism
.
Serious pollution weather in Henan and other places has recently caused local aluminum companies to face production cuts and production restrictions, putting pressure on downstream demand prospects; Coupled with the recent expansion of import arbitrage, the inflow of overseas goods is expected to increase, and the upward momentum of aluminum prices will weaken.

However, at present, the domestic electrolytic aluminum production capacity is not as expected, coupled with the good performance of downstream demand, Shanghai aluminum inventory maintains a low level and a small destocking state, forming a strong support
for aluminum prices.
Technically, the main 2101 contract of Shanghai aluminum reduced its position and closed in the shadow, focusing on the support at the 16000 position, and it is expected to fluctuate
in a short-term wide range.