SHFE Alumina Futures 2601 Contract Weakens Further, Technical Indicators Confirm Bearish Trend

Market Performance: The overnight trading session for SHFE alumina futures contract 2601 saw continued weakness and sideways movement. The contract opened at 2,671 yuan/ton, briefly rose to 2,675 yuan/ton, then faced downward pressure and retreated to a low of 2,647 yuan/ton. It eventually closed near the daily low at 2,648 yuan/ton, indicating sustained selling pressure and a lack of effective support at lower levels. Open interest remained at 359,000 lots, reflecting ongoing confrontation between long and short positions.

From a technical perspective, the current price has fallen below the short-term moving average system. The MA5 (2,664.4), MA10 (2,673.7), and MA30 (2,689.97) form sequential layers of resistance, showing a clear bearish alignment and confirming the persistence of the short-term downtrend. If prices continue to trade below these moving averages, they may further test support around the 2,600 yuan/ton level in the near term.