The most-traded SHFE aluminium 2611 contract closed at RMB 23,355 per tonne, down RMB 105 or 0.45 per cent from yesterday’s settlement price. It opened at RMB 23,300.00 per tonne during the day and fluctuated within a range of RMB 23,300-23,400 per tonne. Trading volume was 41,990 lots, and open interest was 240,121 lots, down 826 lots on the day. During the consolidation at lows, both bulls and bears reduced positions slightly. Prices ran below the MA5 (23,399.00), MA10 (23,720.00), MA30 (24,036.17), and MA60 (23,825.58), continuing the low-level consolidation and repair after drifting lower, with the moving averages above forming key resistance pressure. The MACD DIF (-167.5673) was below the DEA (-57.5398), and the MACD green bar stood at -220.0549. Bearish momentum remained relatively strong. The suggested core trading range for SHFE aluminium is RMB 23,100-23,700 per tonne. The LME aluminium 3M contract closed at USD 3,040.50 per tonne, up 0.20 per cent. It opened at USD 3,031.00 per tonne during the day and fluctuated within a range of USD 3,031.00-3,041.00 per tonne. Prices ran below the MA5 (3,044.20), MA10 (3,082.80), MA30 (3,209.38), and MA60 (3,221.64), showing a slight low-level repair after continued declines. A low-level weak consolidation structure emerged, with the moving averages above forming clear resistance. The MACD DIF (-58.0074) was below the DEA (-43.2079), and the MACD green bar was -29.5991. Bearish momentum still held the upper hand. The suggested core trading range for LME aluminium is USD 2,900-3,150 per tonne.
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