Futures: SHFE aluminium closed at RMB 24,670 per tonne in the night session, up 0.39per cent. The price stood above all moving averages (MA5=24,656, MA10=24,619.5, MA30=24,559.17, MA60=24,351.92), with the moving average system in a bullish alignment.
The MACD indicator showed a golden cross with DIF (91.95) above DEA (68.71), and the histogram expanded to 46.48, indicating continuously strengthening bullish momentum. The suggested key trading range for SHFE aluminium is 24,500-25,100. LME aluminium closed at USD 3,447.5 per tonne, down 0.79per cent. The price fell below MA5 (3,477.2) but remained above MA10 (3,404.8), MA30 (3,344.08), and MA60 (3,233.28), indicating a short-term pullback while the medium-term bullish structure remained intact. The MACD indicator showed a golden cross with DIF (59.06) above DEA (50.24), but the histogram narrowed to 17.64, suggesting weakening upward momentum. The suggested key trading range for LME aluminium is 3,420-3,500.
Macro front: The US and Iran were set to hold their first round of talks in Pakistan on April 11, but significant differences remained between the two sides on ceasefire terms, mainly centred on Iran’s uranium enrichment activities, navigation through the Strait of Hormuz, the Lebanon ceasefire issue, and the withdrawal of US troops from the Middle East.
The US core PCE price index rose 3per cent YoY in February, narrowing slightly from the previous reading of 3.1per cent, in line with market expectations. Services inflation slowed down notably, with real spending up only 0.1per cent m-o-m. US initial jobless claims increased by 16,000 to 219,000 last week, above market expectations.