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On Wednesday, the Shanghai aluminum main 2004 contract fell slightly, with the highest 13535 yuan / ton and the lowest 13485 yuan / ton within the day, closing at 13490 yuan / ton, down 0.
33%
from the previous trading day's closing price.
As of 15:00 Beijing time, 3-month Lun aluminum was reported at $1,700 / ton, down 0.
12%
on a daily basis.
Market focus: (1) The CDC further called on the public to begin preparing for a possible outbreak of the new crown virus pandemic in the United States, and said that the occurrence of new crown pneumonia community infection in the United States is almost inevitable
.
(2) According to data from the National Development and Reform Commission, as of February 25, the resumption rate of domestic nonferrous metal enterprises reached 86.
30%.
Spot analysis: On February 26, spot A00 aluminum was reported at 13410-13450 yuan / ton, with an average price of 13430 yuan / ton, a daily increase of 20 yuan / ton
.
A large account did not announce the procurement plan within the day, lack of this part of participation, the market aluminum ingot spot supply is loose, the holder shipment is very active, in contrast, the buyer's power is not enough, the market is more than less, the transaction between the two sides is average
.
The downstream intraday receipt was flat, and there were no obvious bright spots
.
The overall intraday transaction in East China is average
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 204775 tons on Wednesday, a daily increase of 2977 tons; On February 25, LME aluminum stocks were 1,127,400 tons, unchanged from the previous day
.
Main positions: the top 20 long positions of Shanghai aluminum main 2004 contract were 75793 lots, minus 2046 lots per day, short positions were 94858 lots, daily minus 2281 lots, net short positions were 19065 lots, daily minus 235 lots, long and short were reduced, and net space was reduced
.
The global epidemic is spreading, the uncertainty of the epidemic situation is increasing, and the threat to the global economic development is becoming increasingly serious; At the same time, the recent domestic electrolytic aluminum inventory continues to accumulate, coupled with the slow resumption of work progress of downstream processing enterprises, the situation of strong supply and weak demand continues, and the pressure on aluminum prices is greater
.
However, the US PMI data for February was less than expected, and the risk of the epidemic increased, which put pressure on the US dollar; At the same time, the price of electrolytic aluminum has declined, the production profit of enterprises has been continuously compressed, the cost support has gradually strengthened, and the downward space of aluminum prices is limited
.
In terms of spot, a large household did not announce the procurement plan within the day, lack of this part of participation, the market aluminum ingot spot supply is loose, the holder shipment is very active, in comparison, the buyer's strength is not enough, the downstream intraday receipt is flat, there is no obvious bright spot
.
Technically, the main 2004 contract daily MACD red column contraction of Shanghai aluminum, focusing on the support at the 13400 position, is expected to fluctuate
at a short-term low.
