SHFE aluminium’s most-traded contract opened at RMB 24,350 per tonne during the night session on May 28, with the highest price at RMB 24,390 per tonne, the lowest price at RMB 24,305 per tonne, and closed at RMB 24,385 per tonne, up 0.41 per cent from the previous close. Prices at night session stopped falling and rebounded, standing back above the MA5 (24,370.70) moving average, but still running below the MA10 (24,411.11), MA20 (24,465.59), MA40 (24,553.29), and MA60 (24,597.24). Medium and long-term moving averages maintained a bearish alignment, with the overall trend still skewing weak, though short-term downward momentum has eased somewhat.
Trading volume at night session was 71,100 lots, down 61,771 lots from the previous session; open interest was 293,000 lots, up 929 lots, with futures showing a “bulls adding positions” pattern, indicating some capital at low levels was still attempting to position for a rebound.
Technical side, the 4-hour MACD indicator showed DIFF (-71.88) running below DEA (-67.2), with the death cross structure continuing. On May 28, LME aluminium opened at RMB 3,625 per tonne, reaching a high of USD 3,685 per tonne and a low of USD 3,607.5 per tonne, and finally closed at USD 3,681 per tonne, up 1.47 per cent, extending the overall strong rebound trend. Prices firmly stood back above the MA5 (3,656.80), MA10 (3,635.38), MA20 (3,603.26), MA40 (3,541.67), and MA60 (3,477.54) moving averages, with short-, medium-, and long-term moving averages maintaining a bullish alignment and the trend structure remaining solid.
Trading volume was 19,521 lots, down 640 lots; open interest was 675,000 lots, up 3,983 lots, with futures showing a “bulls adding positions” pattern, indicating continued capital inflow driving prices to rise. On the technical side, the MACD indicator DIFF (42.21) continued running above DEA (38.59), with the golden cross structure continuing and maintaining red bar status (STICK: 7.25).
Macro front: According to Wallstreetcn, April PCE inflation came in below expectations M-o-M, Q1 GDP annualised growth was revised down to 1.6 per cent, new home sales declined sharply, and initial jobless claims also slightly exceeded expectations. Weak US data combined with ceasefire hopes jointly drove interest rate cut expectations higher.