Futures: The SHFE aluminium 2607 contract closed at RMB 24,265 per tonne, down 0.31 per cent. The price fell below the key moving average MA5 (24,375), trading below MA10 (24,426), MA30 (24,691.67), and MA60 (24,704.92). The moving averages were in a bearish alignment, indicating a clearly weak short-term pattern. The MACD indicator showed DIF = -109.29, DEA = -82.83, with the death cross continuing and the negative histogram bar at -52.93, suggesting that bearish momentum remained dominant.
Trading volume shrank to 57,300 lots, indicating eased selling pressure but insufficient buying interest. Open interest stood at 298,300 lots, up slightly by 1,124 lots, with low-level capital positioning continuing. The suggested core trading range for SHFE aluminium is 24,000–RMB 24,800 per tonne. The LME aluminium 3M contract closed at USD 3,672 per tonne, down 0.05 per cent. The price traded above MA5 (3,665.80), MA10 (3,639.80), MA30 (3,585.40), and MA60 (3,499.22).
The short-, medium-, and long-term moving averages were in a bullish alignment, with a moderately strong medium-term trend. The MACD indicator showed DIF = 43, DEA = 40.18, with the golden cross continuing and the histogram bar remaining in positive territory (5.65), indicating that upward momentum persisted. The suggested core trading range for LME aluminium is USD 3,550–3,700 per tonne.
Macro Front: China’s first national-level urban renewal development plan was released. The State Council issued the Urban Renewal 15th Five-Year Plan, specifying key targets for the 15th Five-Year Plan period, including the renovation of 500,000 units/rooms of dilapidated urban housing, the launch of renovation projects for 115,000 old urban residential communities, the redevelopment of 4,000 urban villages, and the renovation of 365,000 km of urban underground pipeline networks.