The most-traded SHFE aluminium contract opened at RMB 22,685 per tonne in the night session on July 3, with a high of RMB 22,830 per tonne, a low of RMB 22,685 per tonne, and closed at RMB 22,795 per tonne, down 0.20 per cent from the previous settlement. This session saw a rebound from lows, closing with a small bullish candlestick.
The price climbed above the MA5 but remained below all medium and long-term moving averages: MA10 (22,699.69), MA20 (22,942.18), MA40 (23,368.01), and MA60 (23,640.96). The medium and long-term MAs maintained a bearish downward alignment. The previous low around 22,250 provided effective support, and short-term downward momentum continued to slow.
Trading volume for this period was 61,000 lots, and open interest was 258,733 lots, down 4,289 lots, indicating long liquidation. From a technical perspective, the 4-hour MACD showed DIFF (-350.43) running above DEA (-378.18), forming a golden cross. The red STICK histogram stood at 55.50, and bullish momentum expanded significantly from earlier levels, though the overall medium and long-term bearish dominance remained unchanged.
LME aluminium on July 3 opened at USD 3,086 per tonne, with a high of USD 3,130 per tonne, a low of USD 3,077.5 per tonne, and closed at USD 3,090 per tonne, up 0.23 per cent from the previous settlement. The price staged a minor rebound from the earlier low of USD 3,040.0 but faced pressure below the 5-period MA at USD 3,100, while also trading below all medium and long-term MAs: MA10 (USD 3,156.98), MA20 (USD 3,270.43), MA40 (USD 3,378.00), MA60 (USD 3,400.84).
All period MAs maintained a bearish downward alignment. The prior low at USD 3,040 provided support, and short-term downward momentum slowed somewhat. Daily trading volume was 20,965 lots, down 4,290 lots, while open interest was 601,109 lots, down 2,510 lots, indicating short liquidation. On the daily chart, MACD showed DIFF (-128.40) running below DEA (-105.30), maintaining a dead cross. The green STICK histogram at -46.20 suggested bearish momentum contracted slightly from earlier levels, but bearish dominance persisted.