The most-traded SHFE aluminium 2610 contract closed at RMB 23,815 per tonne, up RMB 30 from yesterday’s settlement price, an increase of 0.13 per cent. It opened at RMB 23,790 per tonne during the session, fluctuating in a range of RMB 23,780-23,940 per tonne. Prices traded above MA5 (23,712.00) and MA60 (23,624.75), and above the MA10 (23,881.00) and MA30 (23,633.50) moving averages.
The medium and long-term moving averages showed a bearish arrangement, continuing to press down, forming a retreat-from-highs consolidation structure, with the 10-day moving average serving as a key resistance level above. The MACD indicator showed DIF (76.4894) below DEA (114.9911), with the MACD green bar at -77.0035, indicating that the momentum of bulls continued to weaken. The core trading range for SHFE aluminium is suggested to be RMB 23,400-24,100 per tonne.
LME aluminium 3M contract closed at USD 3,218.50 per tonne, up 0.19 per cent, opening at USD 3,215 per tonne during the session, fluctuating in a range of USD 3,215.00-USD 3,222.50 per tonne. Prices traded above MA5 (USD 3,219.40) and MA30 (USD 3,217.43), and below the MA10 (USD 3,237.05) and MA60 (USD 3,264.45) moving averages.
The medium and long-term moving averages showed a bearish arrangement, gradually pressing down, forming an overall retreat-from-highs consolidation and correction structure, with the 10-day and 60-day moving averages providing clear resistance. The MACD indicator showed DIF (-0.9795) below DEA (3.8149), with the MACD green bar at -9.5887, indicating that the momentum of bulls weakened. The core trading range for LME aluminium is suggested to be USD 3,180-USD 3,300/tonnes.
US Treasury Secretary Bessent announced a series of economic sanction measures against Iran to further increase pressure on Iran. The US will expand the scope of secondary sanctions on countries with commercial dealings with Iran and urge relevant countries to make a choice. Iranian Parliament Speaker Qalibaf said that Iran’s trading partners have stated they will “not take seriously” the relevant US sanctions rhetoric.