The most-traded SHFE aluminium 2610 contract closed at RMB 23,975 per tonne, up RMB 175 from yesterday’s settlement, a gain of 0.74 per cent with an intraday open of RMB 23,730 per tonne and fluctuations between RMB 23,720 and RMB 24,075 per tonne. Prices were above the MA5 (23,760.00), MA10 (23,843.50), MA30 (23,656.33), and MA60 (23,607.83) moving averages, with the medium and long-term moving averages forming a bearish arrangement and continuing to press downward, while the structure of consolidating at lows and drifting higher persisted, with the upper high-range constituting key resistance.
The MACD DI (79.9752) was below the DEA (107.2221), with the MACD green bar at -54.4938, indicating somewhat weakened bearish momentum. The key trading range for SHFE aluminium is suggested at RMB 23,500-24,300 per tonne. The LME aluminium 3M contract closed at USD 3,237.50 per tonne, down 0.20 per cent with an intraday open of USD3,241 per tonne and fluctuations between USD3,236.00 and USD3,243 per tonne.
Prices were above the MA5 (3,224.40), MA10 (3,232.00), and MA30 (3,221.10) moving averages but below the MA60 (3,257.21), with the medium and long-term moving averages forming a bearish arrangement and gradually pressing downward, revealing a structure of retreat from highs and consolidating correction, with the 60-day moving average above posing clear resistance. The MACD DIF (0.9977) was below the DEA (3.5769), with the MACD green bar at -5.1583, indicating somewhat weakened bullish momentum. The key trading range for LME aluminium is suggested at USD 3,200-USD 3,300 per tonne.