During the night session on November 20, the most-traded SHFE aluminium contract opened at RMB 21,545 per tonne, reached a highest price of RMB 21,650 per tonne and a lowest price of RMB 21,540 per tonne, and finally closed at RMB 21,550 per tonne, down 0.14 per cent. The night session mainly fluctuated downward.
Technically, the daily candlestick remained near the middle Bollinger Band; the MACD daily candlestick showed expanding green bars; the RSI 14 indicator stayed around 50. In the short term, SHFE aluminium is expected to enter a high-level consolidation phase. Combined with the latest highs and lows (monthly low of 21,175, high around 22,160), resistance is projected in the 21,800-22,000 range, and support in the 21,200-21,400 range.
Macro Front: The U.S. Bureau of Labour Statistics released the September non-farm payroll report on Thursday, which was originally scheduled for last month. U.S. non-farm payrolls increased by 119,000 in September, with the unemployment rate at 4.4 per cent (Neutral★). According to the People's Daily, China's consumer market maintained steady growth in October, with consumption potential continuing to be released. Specifically, merchandise consumption grew steadily, with retail sales of goods up 2.8 per cent. Sales of trade-in related products maintained rapid growth, and demand for upgraded goods remained robust (Bullish★).
From November 18 to 20, He Lifeng, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, conducted surveys in Hubei and Hunan provinces, emphasizing the need to continuously improve the quality and efficiency of foreign trade, enhance the construction of high-standard logistics systems, strengthen support for high-quality development of the manufacturing industry, accelerate the establishment of a unified national market, and further facilitate the dual circulation of domestic and international markets
