Yesterday, SHFE aluminium closed at RMB 24,235 per tonne, up 0.75 per cent hitting a new recent high of 24,290 during the session. The price is well above all key moving averages (MA5=24,080, MA10=23,925, MA30=23,820, MA60=23,572), with the moving average system in a bullish divergence and a strong medium-term uptrend intact.
The MACD indicator shows DIF=120.51 and DEA=97.52, with the histogram expanding to 45.99, indicating sustained strengthening of bullish momentum. Trading volume expanded to 91,100 lots, with market participation rebounding notably. The suggested core trading range for SHFE aluminium is 24,000-24,600. LME aluminium closed at USD 3,288.5 per tonne, down slightly by 0.18 per cent with intraday fluctuations around 3,271.5-3,290.
The price is above all key moving averages (MA5=3,244.3, MA10=3,243.55, MA30=3,237.1, MA60=3,230.63), with the moving average system in a bullish alignment. The MACD indicator shows DIF=9.64 and DEA=4.52, with the histogram expanding to 10.24, indicating sustained strengthening of bullish momentum. The suggested core trading range for LME aluminium is 3,250-3,320.
Macro front: US President Trump said the new round of strikes against Iran will not last long; he is prepared to launch another attack on Iran. Iranian Parliament Speaker Qalibaf said the US must fulfil its relevant commitments before Iran will take action to reopen the Strait of Hormuz.
The US Fed’s Beige Book showed that US economic activity grew mildly since early July. Of the 12 Fed districts, 10 reported slight to moderate growth, while 2 reported no change. Enterprises generally expect a positive economic outlook ahead, but remain attentive to uncertainties arising from energy prices, policies, and international conflicts.