The most-traded SHFE aluminium contract opened at RMB 22,850 per tonne in the night session on July 6, reached a highest price of RMB 22,950 per tonne, a lowest price of RMB 22,790 per tonne, and finally closed at RMB 22,900 per tonne, up 0.07 per cent from the previous close.
During this period, the price rebounded from the recent low of 22,250, repairing with a small bullish candlestick, and stood above MA5 (22,823.05), but still traded below all the medium and long-term moving averages, including MA10 (22,769.40), MA20 (22,932.81), MA40 (23,321.76), and MA60 (23,593.64).
All medium and long-term moving averages maintained a bearish downward arrangement. The previous low of 22,250 provided solid support. Short-term downward momentum continued to slow down. Trading volume during this period was 42,900 lots, significantly shrinking from the previous, and open interest stood at 250,000 lots, down 3,475 lots from the previous.
The futures displayed a feature of bearish position reduction. Technically, on the 4-hour MACD indicator, the DIFF (-281.88) was above the DEA (-348.76), with the golden cross structure persisting. The red histogram STICK value was 133.76, with bullish momentum continuing to expand. However, the overall medium and long-term bearish pattern had not changed yet.
On July 6, LME aluminium opened at USD 3,094 per tonne, reached a highest price of USD 3,124.5 per tonne, a lowest price of USD 3,094 per tonne, and finally closed at USD 3,113 per tonne, up 0.74 per cent from the previous close. During this trading day, the price staged a mild rebound from the recent low of 3,040, repairing with a bullish candlestick, and stood above MA5 (3,105.200), but still traded below all the medium and long-term moving averages, including MA10 (3,148.19), MA20 (3,254.69), MA40 (3,364.76), and MA60 (3,391.32).
All moving averages across different periods overall maintained a bearish downward arrangement. The previous low of 3,040.0 provided solid support. Short-term downward momentum continued to slow down. Trading volume for the day was 15,144 lots, shrinking by 5,821 lots from the previous, and open interest was 600,000 lots, down 936 lots from the previous.