The most-traded SHFE aluminium 2609 contract closed at RMB 23,345 per tonne today, up RMB 85 per tonne or 0.37 per cent on the day. Trading volume increased notably from the previous session, reaching 208,200 lots intraday.
Volume expanded during the bottom-out rebound, indicating buying support at low levels and heightened tug-of-war between longs and shorts. Current open interest was 296,300 lots, down 5,885 lots.
The simultaneous pullback in open interest and price gains formed a rally-on-declining-open-interest structure, suggesting short-term bears actively covered and exited, rather than new bulls entering aggressively. The upward momentum was biased toward short covering, with limited new buying power.