The most-traded SHFE aluminium 2608 contract closed at RMB 22,935 per tonne, down RMB 40 or 0.17 per cent from the previous settlement price. It opened at RMB 22,950 per tonne and fluctuated between RMB 22,810 and 23,030 per tonne.
The price is trading below the MA5 (23,389.00), MA10 (23,726.50), MA30 (24,192.17), and MA60 (24,529.08) moving averages. The short- and medium-term moving averages are in a bearish alignment and gradually pressing lower, highlighting a structure notably in the doldrums, with the various timeframe moving averages above forming layers of resistance.
The MACD indicator’s DIF (-345.5331) is below the DEA (-223.1560), and the MACD green bar reading is -244.7541, indicating bearish momentum continues to be released. The recommended trading range for SHFE aluminium is RMB 22,500-23,300 per tonne. The LME aluminium 3M contract closed at USD 3,174.5 per tonne, down 0.35 per cent.
The price is trading below the MA5 (3,218.90), MA10 (3,308.40), MA30 (3,518.28), and MA60 (3,532.48) moving averages, with short- and medium-term moving averages in a bearish alignment and gradually pressing lower, and the overall structure notably in the doldrums, with moving averages above providing notable resistance.
The MACD indicator’s DIF (-104.5279) is below the DEA (-66.2193), with the MACD green bar at -76.6172, as bearish momentum continues to be released, signalling persistent weakness. The recommended trading range for LME aluminium is USD 3,100-3,200 per tonne.