During this period, prices saw a mild recovery from lows in a choppy fashion, forming a small bullish candlestick while remaining below the 5-period moving average at 23,924.76 and below all medium and long-term moving averages: MA10 (24,000.04), MA20 (24,101.21), MA40 (24,245.53), and MA60 (24,337.30). All moving averages maintained a bearish downward alignment.
The prior low at 23,725 provided brief support, with downward momentum showing signs of a slowdown in the short term. Trading volume during this period was 55,800 lots, a significant contraction from the previous session, while open interest stood at 227,000 lots, down 2,532 lots from before. The futures presented a pattern of bearish position reduction. From a technical perspective, on the 4-hour MACD indicator, DIFF (-125.37) remained below DEA (-111.23), sustaining a death cross structure, with the green histogram at -28.27, indicating bearish momentum was still in strong territory.
On June 15, LME aluminium opened at USD 3,400.0 per tonne, reached a high of USD 3,400.0 per tonne and a low of USD 3,334.0 per tonne, and closed at USD 3,391.0 per tonne, up 0.24 per cent from the previous close. The session saw a modest rebound from lows after a sharp decline, remaining below the 5-period moving average at 3,443.76 and below all medium and long-term moving averages: MA10 (3,509.57), MA20 (3,558.58), MA40 (3,552.97), and MA60 (3,511.39), all of which maintained a bearish downward alignment.
Trading volume for the day was 41,806 lots, somewhat contracted, and open interest was 634,200 lots, down 9,244 lots, also reflecting bearish position reduction. On the daily MACD indicator, DIFF (-32.35) was below DEA (2.68), with the death cross persisting, and the green histogram at -70.05, showing bearish momentum remained firmly in strong territory.
Macro front: US President Trump said that negotiations on an agreement with Iran have entered phase two, adding that “this should be easier than phase one.” Trump stated that the US would not put any funding into Iran, and that the “only thing that matters” to him was that Iran never acquires a nuclear weapon, warning that Iran would suffer a “devastating blow” if its government sought to obtain one. Sources said Iran would be allowed to sell its oil and fuel overseas following the signing of a memorandum of understanding with the US this week.