The most-traded SHFE aluminium contract opened at RMB 23,130 per tonne in the night session on July 9, with a high of RMB 23,220 per tonne, a low of RMB 22,985 per tonne, and closed at RMB 23,105 per tonne, up 0.20 per cent from the previous close. During this period, prices continued their rebound from lows, holding above MA5 (23,058.49), MA10 (22,980.96) and MA20 (22,987.34), but still under pressure below the medium and long-term MAs MA40 (23,248.75) and MA60 (23,494.26).
The bearish alignment of medium and long-term MAs remained unchanged, while support at the previous low of 22,250 held firm. Trading volume during this period was 75,000 lots, and open interest was 231,000 lots, up 3,146 lots from the previous session. The futures shifted to bullish position-building, with a rising willingness of buying funds to enter the market. From a technical perspective, on the 4-hour chart, the MACD DIFF (-108.88) stayed above DEA (-206.49), maintaining a golden cross pattern. The red histogram stick value was 195.23, and bullish momentum kept expanding.
On July 9, LME aluminium opened at USD 3,144.5 per tonne, with a high of USD 3,213.5 per tonne, a low of USD 3,123.5 per tonne, and closed at USD 3,210.5 per tonne, up 2.29 per cent from the previous close. Today’s price launched a strong rebound from the previous low of 3,040, closing as a bullish candlestick, and broke above the short-term MAs MA5 (3,160.18) and MA10 (3,157.92). However, it remained below the medium and long-term MAs MA20 (3,230.44), MA40 (3,336.12) and MA60 (3,369.37).
The bearish downward alignment of medium and long-term MAs has yet to reverse. Support at the previous low remained solid, and the downtrend has paused for now. The day’s trading volume was 24,878 lots, higher than the previous session, while open interest was 601,000 lots, down 1,200 lots from the previous session, indicating a pattern of bears reducing positions and exiting.
From a technical perspective, on the daily chart, the MACD DIFF (-102.06) crossed above DEA (-109.89), forming a golden cross. The histogram flipped from green to red, bearish momentum subsided, and bullish momentum officially commenced, establishing a short-term rebound trend.