Futures: SHFE aluminium’s most-traded contract opened at RMB 24,350 per tonne during the night session on May 27, with the highest price at RMB 24,405 per tonne, the lowest price at RMB 24,205 per tonne, and finally closed at RMB 24,275 per tonne, down 0.86 per cent from the previous close. The night session overall continued its fluctuating trend in the doldrums. The price clearly fell below the MA5 (24,411.94), MA10 (24,450.79), and MA20 (24,495.60) moving averages, while remaining under pressure below the MA40 (24,576.72) and MA60 (24,615.24), with short-, medium-, and long-term moving averages maintaining a bearish alignment, indicating a further deepening of the market’s weak pattern.
The night session trading volume was 117,000 lots, a decrease of 41,000 lots; open interest was 293,000 lots, an increase of 5,000 lots. The futures exhibited a “bears adding positions” characteristic, indicating that bearish capital continued to actively enter the market to exert pressure. Technical side, the 4-hour MACD indicator showed DIFF (-63.61) and DEA (-64.24) maintaining a golden cross structure, but the red bars shortened notably (STICK: 1.27), indicating that the previous rebound momentum had clearly weakened, with insufficient bullish recovery strength.
On May 27, LME aluminium opened at USD 3,675.5 per tonne, reached a high of USD 3,700 per tonne, a low of USD 3,612 per tonne, and finally closed at USD 3,627.5 per tonne, down 1.28 per cent, with a notable pullback from highs. Although the price still traded above the MA5 (3,640.67), MA10 (3,623.97), MA20 (3,594.62), MA40 (3,534.33), and MA60 (3,470.50) moving averages, it had already fallen below the MA5 in the short term, indicating that the pace of the rally at high levels slowed down somewhat.
The overall bullish trend was not yet broken, but short-term technical adjustment pressure existed. Trading volume was 20,161 lots, a decrease of 1,496 lots; open interest was 671,000 lots, a decrease of 1,388 lots. The futures showed signs of “bulls reducing positions,” with some capital taking profits at high levels. On the technical side, the MACD indicator maintained a golden cross structure, but the red bars narrowed notably (STICK: 4.35), indicating that upward momentum was marginally weakening.