There is pressure above Shanghai aluminum short-term or high volatility

Market focus: (1) The latest report released by the World Bureau of Metal Statistics (WBMS) on Wednesday showed that the global primary aluminum market was short of 1.
076 million tons
from January to July 2021.
From January to July 2021, global primary aluminum demand was 41.
43 million tons, an increase of 3.
617 million tons
over the same period last year.
From January to July 2021, global primary aluminum production increased by 6%
year-on-year.
(2) Li Hui of the National Development and Reform Commission mentioned in response to reporters that all parties in the market have responded enthusiastically to the release of reserves, and the current price of copper, aluminum and zinc is still running at a high level
.
In the next step, we will closely track and monitor market price changes, and continue to release material reserves into the market to guide prices to gradually return to a reasonable range
.

Spot analysis: SMM spot A00 aluminum reported 22720-22760 yuan / ton, the average price was 22740 yuan / ton, up 500 yuan
per day.
Changjiang Nonferrous Metal Network reported that the cargo holders actively shipped at high prices, the receiving party was generally enthusiastic about purchasing, the trading activity was not good, and the overall transaction was not happy
.

Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 101536 tons, a daily decrease of 551 tons; LME stocks were 1319150 tonnes, an increase of 19,250 tonnes
per day.

Main positions: the top 20 long positions of the main 2110 contract of Shanghai aluminum held 86108 lots, minus 9733 lots per day, short positions 95073 lots, minus 10390 lots per day, net short positions 8965 lots, daily minus 1328 lots, long short and net short both reduced
.

Market research and judgment: US inflation is less than expected, reducing the pressure on the Fed to act prematurely, and the US dollar index is under
pressure.
Recently, the national high-level has proposed carbon neutrality and the production area has issued dual-control documents, and the supply disturbance has continued, forming a strong support
for the futures price.
However, at present, aluminum prices are at a high level, and the market has certain expectations for ensuring supply and price stability, and aluminum prices are under pressure
.
In the short term, aluminum prices or high volatility
.