The most-traded SHFE aluminium 2610 contract closed at RMB 24,000 per tonne, down RMB 190 from yesterday’s settlement price, a decline of 0.79 per cent. It opened at RMB 24,100.00 per tonne during the day and fluctuated within a range of RMB 23,920-24,100 per tonne. The price traded below MA5 (24,349.00), MA10 (24,303.50), and MA30 (24,041.67), but above MA60 (23,597.08). The short-term upward structure faced resistance and pulled back, with a consolidating correction structure emerging. The short-term moving averages above formed key pressure. The MACD DIF (155.0670) was below DEA (162.3661), and the MACD green bar stood at -14.5982. Bullish momentum weakened somewhat. The core trading range for SHFE aluminium is suggested at RMB 23,700-24,500 per tonne. The LME aluminium 3M contract closed at USD 3,250.50 per tonne, down 0.18 per cent. It opened at USD 3,262.50 per tonne during the day and fluctuated within a range of USD 3,250.00-3,264.00 per tonne. The price traded below MA5 (3,295.10), MA10 (3,296.85), and MA30 (3,266.17), but above MA60 (3,214.89). The short-term upward structure faced resistance and pulled back, with an overall consolidating correction structure emerging. The short-term moving averages above formed clear pressure. The MACD DIF (-13.1869) was below DEA (15.2729), and the MACD green bar was -4.1719. Bullish momentum weakened somewhat, with consolidation and pullback at highs. The core trading range for LME aluminium is suggested at USD 3,200-3,300 per tonne.
US President Trump said the US should have the lowest interest rates in the world. White House National Economic Council Director Kevin Hassett said both Trump and he saw no reason to raise rates, and it was important for the Fed to maintain the status quo before the election. Trump fully respects the independence of Fed Chairman Warsh and will support them whatever they decide. Oman’s Foreign Ministry announced that the regional meeting originally scheduled for September 14 in the southern Omani port city of Salalah would be postponed. A new date will be set later. The move aims to create suitable conditions for constructive dialogue, promote sustainable consensus conducive to maintaining regional security and stability, and respond to the expectations of the region’s people for cooperation and peace. Iran previously said Iran, Iraq, and other Persian Gulf coastal states would hold a regional meeting in Oman to exchange views on establishing safe commercial shipping lanes in the Strait of Hormuz.