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On Wednesday, the main 2007 contract of Shanghai aluminum rushed high and volatile, with a maximum of 12,615 yuan / ton, a minimum of 12,400 yuan / ton, and a close of 12,585 yuan / ton, up 0.
68% from the closing price of the previous trading day; As of 15:00 Beijing time, 3-month Lun Aluminum was reported at $1487 / ton, down 0.
20%
on a daily basis.
Market Focus: (1) Some U.
S.
states and many countries around the world may reopen their markets
.
The US services PMI fell to 41.
8 in April from 52.
5 in March, but was higher than the market estimate of 36.
8
.
(2) An alumina plant in the Ukrainian city of Mykolaiv, owned by Rusal, said Tuesday that it avoided stopping production
after settling a dispute with Ukrainian customs.
Spot analysis: On May 6, spot A00 aluminum was reported at 12960-13000 yuan / ton, with an average price of 12980 yuan / ton, a daily increase of 180 yuan / ton
.
The day is the first spot transaction day after May Day, the holders are more active in shipments, although the middlemen have the demand for receiving goods and the inquiry is active, but the actual transaction between the two sides is slightly deadlocked, and it is difficult to reach an agreement
on the price.
A large household purchases
normally within the day.
There is some replenishment demand after the downstream holiday, but due to the sharp rise in aluminum prices, the attitude of receiving goods is slightly hesitant
.
Warehouse receipt inventory: the total of Shanghai aluminum warehouse receipts on Monday was 203758 tons, a daily decrease of 9976 tons, a continuous decline of 13 days; On May 5, LME aluminum stocks were 1355025 tons, down 150 tons
per day.
As of the week of April 30, the previous Shanghai aluminum inventory was reported 410543 tons, a weekly decrease of 47,860 tons, a decline of 6 consecutive weeks
.
Main positions: the top 20 long positions of Shanghai aluminum main 2007 contract are 75590 lots, a daily increase of 882 lots, short positions 106607 lots, a daily increase of 3683 lots, a net short position of 31017 lots, a daily increase of 2801 lots, both long and short increases, and the net space increases
.
The progress of domestic electrolytic aluminum plant inspection and repair production is slow, coupled with the recovery of downstream processing plant production, demand has improved, and the recent Shanghai aluminum inventory has continued to degrade and expand; In addition, Yunnan and Gansu plan to collect and store, which has boosted market confidence and supported
aluminum prices.
The impact of the global epidemic has greatly affected the terminal industry, making the recovery of demand relatively slow, limiting the upward momentum
of aluminum prices.
In terms of spot, the shippers are more active, although the middlemen have the demand for receiving goods and the inquiry is active, but the actual transaction between the two sides is slightly deadlocked, and a large household purchases normally within the day, and there is some replenishment demand
after the downstream holiday.
Technically, the main 2007 contract of Shanghai aluminum increased its position, but the mainstream short position increased even more
.
In operation, it is recommended that the Shanghai-aluminum 2007 contract can be long at 12400 yuan / ton on a pullback, and the stop loss is 12300 yuan / ton
.
