SHFE aluminium closed at RMB 24,195 per tonne last night, down 0.45 per cent. The price broke below MA5 (24,445) and MA10 (24,262.5), but remained above MA30 (24,083) and MA60 (23,700), with moving averages showing short-term bearish pressure and mid-term bullish support. The MACD indicator showed DIF at 105.8 and DEA at 131.0, with a death cross at high levels and the green bars expanding to -50.36, indicating strengthening short-term bearish momentum.
Trading volume was 64,700 lots, below the MA5 average volume, reflecting cautious market participation. The core trading range for SHFE aluminium is suggested at 24,000-24,600. LME aluminium closed at USD 3,274.5 per tonne, edging up 0.35 per cent.
The price was slightly below MA5 (3,280.7) and MA10 (3,279.1), but remained above MA30 (3,269.3) and MA60 (3,222.2), with the mid-term trend intact. The MACD indicator showed DIF at 7.48 and DEA at 10.64, with a death cross above the zero axis and green bars expanding to -6.32, indicating weak short-term momentum. The core trading range for LME aluminium is suggested at 3,250-3,320.