In the night session on July 24, the most-traded SHFE aluminium contract opened at RMB 23,195 per tonne, reached a high of RMB 23,220 per tonne and a low of RMB 23,105 per tonne, and finally closed at RMB 23,205 per tonne, down 0.09 per cent from the previous settlement. During this period, after rebounding, prices consolidated at highs and closed with a small bearish candlestick.
Prices moved within the short-term dense moving average range of MA5 (23,232.43), MA10 (23,220.90), MA20 (23,186.42), and MA40 (23,221.95). The moving average system formed bottom support, with only pressure above from the medium and long-term MA60 (23,345.74).
The stage low of 22,875 provided solid support, and consolidation characteristics after the rebound were evident. Trading volume in this period was 50,900 lots, significantly contracted from before, while open interest was 253,000 lots, edging up by 445 lots.
The futures showed slight signs of bearish position building, but fund strength was relatively weak. From a technical perspective, the 4-hour MACD indicator’s DIFF (28.68) was above DEA (17.47), persisting the golden cross structure. The red histogram (STICK) value was 22.42, with bullish momentum slightly contracting but the trend not reversed.
On July 24, LME aluminium opened at USD 3,189 per tonne, hit a high of USD 3,189.5 per tonne and a low of USD 3,149.5 per tonne, and closed at USD 3,165 per tonne, down 0.78 per cent from the previous settlement.
During this session, prices rebounded to hit highs, then pulled back under pressure and closed with a small bearish candlestick. Prices fell below the short-term moving averages MA5 (3,173.21) and MA10 (3,168.82). Above, the medium and long-term moving averages MA20 (3,187.07), MA40 (3,262.70), and MA60 (3,305.75) were in a bearish alignment, exerting pressure.
The stage low of 3,040 provided solid support, and the market entered a consolidation and resting phase after the rebound. Trading volume was 13,383 lots, slightly contracted from before, while open interest was 593,000 lots, up by 2,140 lots. The futures showed slight signs of bearish position building, with weak selling pressure. From a technical perspective, the daily MACD indicator’s DIFF (-44.58) was running above DEA (-63.23), persisting the golden cross structure.
The red histogram (STICK) value was 37.30, with bullish momentum marginally weakening but not reversed. Short-term, the focus was on high-level consolidation with pullbacks, and the risk of a unilateral decline was limited.