Aluminium prices decline with a slight rebound in downstream demand, short-term aluminium prices expected to hover at highs
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Update time : 2025-11-19 15:12:01
Futures: During the night session on November 18, the most-traded SHFE aluminium contract opened at RMB 21,485 per tonne, reached a highest price of RMB 21,560 per tonne and a lowest price of RMB 21,435 per tonne, and finally closed at RMB 21,510 per tonne, up 0.05per cent. The night session mainly showed fluctuating operations, with the centre hovering around RMB 21,510 per tonne. From a technical perspective, SHFE aluminium open interest shrank to over 679,000 lots; according to the Bollinger Bands indicator, the daily candlestick pulled back below the middle band; on the daily candlestick MACD, the green bars expanded, and prices are expected to shift into fluctuations in the short term. Combined with the latest highs and lows (the monthly low near 21,160, the high near 22,160), resistance is expected in the 21,800-22,000 range, and support in the 21,200-21,400 range.
Macro front: According to data released by ADP Research, private sector employers cut an average of 2,500 jobs per week in the four weeks ending November 1. (Neutral ★) On November 18, the Beijing Branch of the People's Bank of China and 11 other departments issued the "Implementation Plan for Financial Support to Boost and Expand Consumption in Beijing," aiming to support the construction of an international consumption center city, strengthen financial supply for commodity and service consumption in Beijing, better meet financial service needs in the consumption sector, and promote vigorous consumption boosting. (Bullish ★) On November 18, the National Financial Regulatory Administration held a symposium with foreign-funded financial institutions in Haikou. Li Yunze, Party Secretary and Director of the National Financial Regulatory Administration, stated that efforts will be made to create a market-oriented, law-based, and international business environment, promote more financial reform and opening-up measures to be piloted in Hainan first, and fully support making Hainan Free Trade Port an important gateway leading China's opening-up in the new era.
