Futures: The most-traded SHFE aluminium 2608 contract closed at RMB 23,425 per tonne, down 1.47 per cent. Prices traded below the MA5 (23,816.00), MA10 (23,952.00), MA30 (24,322.33), and MA60 (24,563.33) moving averages. The short- to medium-term moving averages were in a bearish alignment and pressing lower, with the overall structure notably in the doldrums and each of the moving averages above providing clear resistance.
The MACD DIF (-229.8268) was below the DEA (-166.5078), with the MACD histogram at -126.6379. Bearish momentum continued to be released, and the indicator signalled persistent weakness. The suggested core trading range for SHFE aluminium is RMB 23,300-24,000 per tonne. The LME aluminium 3M contract settled at USD 3,253.5 per tonne, down 0.18 per cent. Prices traded below the MA5 (3,332.80), MA10 (3,393.00), MA30 (3,554.55), and MA60 (3,540.95) moving averages.
The short- to medium-term moving averages were in a bearish alignment and pressing lower, with the overall structure notably in the doldrums and each of the moving averages above providing clear resistance. The MACD DIF (-77.2911) was below the DEA (-44.2061), with the MACD histogram at -66.1700. Bearish momentum continued to be released, and the indicator signalled persistent weakness. The suggested core trading range for LME aluminium is USD 3,250-3,450 per tonne.