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On Wednesday, the main 2109 contract of Shanghai aluminum was running strongly, with the highest 20245 yuan / ton, the lowest 19970 yuan / ton, and the closing 20110 yuan / ton, up 1.
26% from the closing price of the previous trading day; LME aluminum fluctuated operation, as of 15:00 Beijing time, 3-month Lun aluminum was reported at $2584 / ton, down 0.
04%
from the previous session.
Market focus: (1) On Tuesday, the U.
S.
Senate voted 69-30 to approve the $1 trillion draft bipartisan foundation building law, which includes $550 billion in new infrastructure funding
.
(2) According to data from the Canadian Aluminum Association, Canada's primary aluminum production in July 2021 was 271,604 tons, an increase of 2.
9%
year-on-year.
Daily production in the month was 8,761 tons, down from 8,909 tons in June, equivalent to an annual production capacity of 3.
198 million tons, down 1.
7% from the previous month but up 2.
6%
from the same period last year.
Spot analysis: SMM spot A00 aluminum reported 20060-20100 yuan / ton, the average price was 20080 yuan / ton, up 210 yuan
daily.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 88,921 tons, a daily decrease of 197 tons; LME stocks were 1340225 tonnes, up 1,125 tonnes
per day.
Main positions: the top 20 long positions of Shanghai aluminum 2109 contract held 161845 lots, an increase of 11411 lots per day, 158045 short positions, a daily increase of 11864 lots, and a net long position of 3800 lots, a daily increase of 116 lots
.
Long and short increase, net long increase
.
Market research: The recent passage of the $1 trillion infrastructure bill by the US Senate will boost metal demand, and the US inflation data released within the day is expected to provide more clues
for the Fed's potential policy actions.
Recently, the nationwide power shortage has not been alleviated, and the power rationing has been further upgraded
.
At the same time, the nationwide power supply shortage problem has also had a certain impact on downstream aluminum rods and processing enterprises, but it is expected to have a longer
impact on the supply side.
The latest data shows that the current aluminum market continues to destock, the inflection point of accumulation continues to move backward, and short-term aluminum prices may run
strongly.
