Futures: During the night session on November 19, the most-traded SHFE aluminium contract opened at RMB 21,620 per tonne, reached a highest price of RMB 21,635 per tonne and a lowest price of RMB 21,515 per tonne, and finally closed at RMB 21,530 per tonne, down 0.18per cent. The night session was mainly characterised by fluctuating downward movement.
Technically, the daily candlestick remained near the middle Bollinger Band; the MACD daily candlestick showed expanding green bars; the RSI 14 indicator hovered around 50. In the short term, SHFE aluminium is expected to enter a phase of high-level consolidation. Considering the latest high and low points (the monthly low near 21,160, the high near 22,160), resistance is anticipated in the 21,800-22,000 range, while support is seen in the 21,200-21,400 range.
Macro front: The US Fed released the minutes from its October monetary policy meeting, revealing significant divergence among policymakers regarding a potential interest rate cut in December. "Many" officials deemed it appropriate to keep rates unchanged, while some argued that a rate cut in December would be reasonable if the economy met expectations.
