Futures: SHFE aluminium closed at RMB 25,130 per tonne, down 0.32per cent. The price operated below MA5 (25,269) but above MA10 (25,026), MA30 (24,738.83), and MA60 (24,486.08), indicating short-term pressure but solid medium-term moving average support. The MACD indicator DIF (219.57) and DEA (167.76) maintained a golden cross above the zero axis, while the histogram narrowed to 103.62, suggesting continued weakening of bullish momentum. The recommended core operating range for SHFE aluminium is 24,900–25,400. LME aluminium closed at USD 3,553per tonne, up slightly by 0.16per cent. The price fell below MA5 (3,582.4) and slightly below MA10 (3,555.3), with short-term moving average resistance emerging, yet it remained well above medium and long-term moving averages such as MA30 (3,432.55), leaving the upward trend intact. The MACD indicator DIF (76.5) and DEA (75.3) formed a golden cross, but the histogram narrowed significantly to 2.41, indicating fading upward momentum. The recommended core operating range for LME aluminium is 3,520–3,570.
Macro front: The temporary US-Iran ceasefire agreement is set to expire on April 22, with a new round of negotiations still pending. US Vice President Vance was to arrive in Islamabad, Pakistan’s capital, to participate in the second round of US-Iran talks. However, Iran stated that due to the US side’s constantly shifting words and actions, Iran harboured “deep distrust” toward the US and had not yet decided whether to participate in the second round of negotiations. Meanwhile, Pakistan continued active mediation efforts. US President Trump said he would be willing to meet with senior Iranian leaders if negotiations achieved a breakthrough, but that it would be “almost impossible” for him to extend the ceasefire with Iran further if no agreement was reached.