The most-traded SHFE aluminium 2608 contract closed at RMB 23,165 per tonne, down 45 yuan or 0.19 per cent from yesterday’s settlement price. It opened at RMB 23,350 per tonne intraday and fluctuated in the range of RMB 23,165–23,380 per tonne. The price was trading above the MA5 (23,107.00) and MA10 (22,967.50) but below the MA30 (23,493.83) and MA60 (24,101.25).
The short- and medium-term moving averages are in a bearish alignment and gradually pressing down, presenting a pronounced overall structure of consolidating on a subdued note, with the moving averages above forming layers of resistance and pressure. The MACD’s DIF (-256.1830) remains above the DEA (-340.0955), and the MACD histogram stands at 167.8250, indicating that bearish momentum has eased. The recommended core trading range for SHFE aluminium is RMB 22,800–23,400 per tonne.
The LME aluminium 3M contract closed at USD 3,177 per tonne, up 0.32 per cent. The price was trading above the MA5 (3,171.20) and MA10 (3,144.40) but below the MA30 (3,294.12) and MA60 (3,446.86). The short- and medium-term moving averages are in a bearish alignment and gradually pressing down, presenting a pronounced overall structure of consolidating on a subdued note, with the moving averages above forming clear resistance.
The MACD’s DIF (-77.4920) remains above the DEA (-95.2152), and the MACD histogram is at 35.4463, indicating that bearish M-o-M momentum has eased and the downside momentum has slowed. The recommended core trading range for LME aluminium is USD 3,100–3,200 per tonne. The MACD’s DIF (-102.06) has crossed above the DEA (-109.89), forming a golden cross, and the histogram has turned from green to red. Bearish M-o-M momentum has converged, bullish momentum has officially kicked in, and a short-term rebound trend has been established.