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LME aluminum fluctuated slightly on Tuesday, as of 15:00 Beijing time, 3-month Lun aluminum was reported at $1692 / ton, up 0.
18%
on a daily basis.
The main 2005 contract of Shanghai aluminum rose slightly, with the highest 13045 yuan / ton and the lowest 12910 yuan / ton during the day, closing at 12985 yuan / ton, up 0.
74% from the closing price of the previous trading day; The trading volume was 65427 lots, and the daily decrease was 30278 lots; The position was 148,600 lots, an increase of 5,112 lots
per day.
The basis was reduced to -155 yuan/ton; The price difference of Shanghai aluminum in 2004-2005 remained at -40 yuan / ton
.
Market focus: On the morning of the 10th, Xi Jinping arrived in Wuhan to inspect the prevention and control of
the new crown pneumonia epidemic.
Markets expect the Fed to cut interest rates by about 100 basis points
by July.
U.
S.
aluminum exports were 4961682 kilograms in January, down from 5164826 kilograms
in December.
In February, retail sales in the national car market reached 252,000 units, down 78.
5% y/y.
Wholesale sales were 11,000 units, down 77.
7%
y/y.
Spot analysis: On March 10, spot A00 aluminum was reported at 12810-12850 yuan / ton, with an average price of 12830 yuan / ton, unchanged from the previous day
.
During the day, the shippers were more active, the middlemen received the goods normally, and the buyers and sellers traded fairly, but there was not much bright
spot overall.
Downstream normal stocking within the day, overall receipt of goods is flat
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 246675 tons on Tuesday, an increase of 11,929 tons per day; On March 9, LME aluminum stocks were 1019950 tons, a daily decrease of 10,800 tons, and a decline of 19 consecutive days
.
Main positions: the top 20 long positions of Shanghai aluminum main 2005 contract were 89840 lots, a daily increase of 2516 lots, short positions 108665 lots, a daily increase of 5713 lots, a net short position of 18825 lots, a daily increase of 3197 lots, long and short increases, net space increased
.
During the day, the main force of Shanghai aluminum in 2005 fluctuated slightly
.
The global pneumonia epidemic continues to spread, Italy announced that it will lock down the whole country, the WHO said that the new crown pneumonia is likely to be a pandemic, and the market is worried; At the same time, domestic electrolytic aluminum production in February increased year-on-year, and the completed production capacity expanded to 40.
99 million tons at the end of February, while downstream demand performance was weak, Shanghai aluminum inventory will continue to accumulate trend, aluminum prices lack upward momentum
.
However, expectations of further interest rate cuts by the Fed are high, and expectations of global monetary easing are strong; China's epidemic control has achieved remarkable results, which has helped restore market confidence; In addition, China's alumina production fell by 3.
85% in January, and it is expected to decline further in February, and alumina prices rebounded, which partially supported
aluminum prices.
In terms of spot, intraday cargo holders are more active in shipments, middlemen receive goods normally, buyers and sellers are trading OK, but the overall is not much bright, downstream intraday normal stocking, overall receipt of goods is flat
.
Technically, the main 2005 contract of Shanghai aluminum contracted and increased positions, and the moving average group was short-headed, and the short-term shock was expected to be weak
.
