Greenland crisis takes a turn for the better, aluminium prices gain support at a phased bottom
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Update time : 2026-01-22 15:26:40
Futures: Last night's session, SHFE aluminium closed at RMB 24,100 per tonne, up 0.77 per cent. The price stood above all key moving averages (MA5: 24,086; MA60: 24,083.08), with short-term MAs forming a bullish alignment, indicating a strong structure. In the MACD indicator, the DIF (0.9315) crossed above the DEA (-0.8008), and the histogram turned positive (0.2614), suggesting strengthening bullish momentum. The core trading range for SHFE aluminium is suggested at RMB 23,900-24,400 per tonne. LME aluminium closed at USD3,117.5 per tonne in the night session, edging down 0.03 per cent. The price fluctuated around the moving averages, slightly below the MA30 (USD3,119.52) and MA60 (USD3,120.52), facing short-term pressure. Both MACD lines remained below the zero axis (DIF: -0.7246; DEA: -0.6110), with a negative histogram (-0.2272), indicating the bearish pattern persisted. Market wait-and-see sentiment was thick. The core trading range for LME aluminium is suggested at USD3,090-3,150 per tonne.
Macro front:The Greenland crisis took a turn for the better. US President Trump announced that a framework agreement on the Greenland issue had been reached with NATO Secretary General Rutte. If this plan is ultimately implemented, it will greatly benefit the US and all NATO member states. Trump stated that the tariff measures originally scheduled to take effect on February 1 would not be implemented. (Bullish ★) The latest survey showed that most economists expected the US Fed to keep the benchmark rate unchanged this quarter and likely remain on hold until the term of Fed Chairman Powell ends in May. This view marked a significant shift from the previous month, when most respondents still expected at least one interest rate cut before March. However, most economists still projected at least two rate cuts later this year.
