The US dollar came under pressure and the main aluminum contract opened high and continued to rise

Market Focus: (1) Fed Chairman Jerome Powell said that the public health emergency poses an "evolving risk" to U.
S.
economic growth and hinted at lowering interest rates
if necessary.
(2) According to the list of major project investment plans released by Beijing, Shanghai, Jiangsu Province, Zhejiang Province, Yunnan Province, Jiangxi Province and Fujian Province in 2020, the total investment amount exceeds 20 trillion yuan, of which infrastructure investment is still an important part
.

Spot analysis: On March 2, spot A00 aluminum was reported at 13030-13070 yuan / ton, with an average price of 13050 yuan / ton, down 120 yuan / ton
daily.
SMM reported that the number of market receivers increased significantly during the day, but the transaction price was slightly deadlocked, and the actual transaction performance of traders and buyers and sellers was average
.
Downstream intraday on-demand purchases are mainly used, and there are no signs of
significant stocking.
The overall transaction in East China was flat
during the day.

Warehouse receipt inventory: the total number of Shanghai aluminum warehouse receipts on Monday was 216937 tons, an increase of 7,527 tons, an increase of 7 consecutive days; On February 28, LME aluminum stocks were 1082150 tons, a daily decrease of 10,125 tons, a 13-day
decline.
As of the week of February 28, the Shanghai Futures Exchange aluminum inventory was 439087 tons, a weekly increase of 29,452 tons, an increase of 8 consecutive weeks
.

Main positions: the top 20 long positions of Shanghai aluminum main 2004 contracts were 83986 lots, minus 3089 lots per day, short positions were 98375 lots, daily increase of 155 lots, net short positions were 14389 lots, daily increase of 3244 lots, more short positions, net space increased
.

During the day, the main force of Shanghai aluminum opened high in 2004 and continued to rise
.
The global epidemic has shown a spreading trend, which has increased the market's concerns about the economic outlook; At the same time, the resumption of work of downstream processing enterprises is slow, coupled with the fact that domestic automobile transportation has not fully recovered, and the recent accumulation of Shanghai aluminum inventories has put pressure
on aluminum prices.
However, expectations of a 25 basis point interest rate cut by the Fed in March increased sharply, and the dollar came under pressure to the downside; At the same time, the epidemic situation in China has improved, and as transportation gradually resumes, downstream procurement will continue to increase, which is conducive to easing the current inventory pressure; In addition, the Chinese government plans to expand infrastructure investment, which is conducive to the repair of demand and strengthens the support for aluminum prices
.
In terms of spot, the number of intraday market receivers increased significantly, but the transaction price was slightly deadlocked, and the actual transaction performance of traders and buyers was average
.
Downstream intraday on-demand purchases are mainly used, and there are no signs of
significant stocking.
Technically, the main 2004 contract of Shanghai aluminum reduced its position, and the daily KDJ golden cross signs are expected to continue to rise
slightly in the short term.