Alumina 2609 Futures Sideways with Mixed Indicators, Direction Unclear

Published: May 12, 2026 10:10

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Futures: Futures-wise, the most-traded alumina 2609 contract moved sideways overnight in a fluctuating trend, opening at 2,831 yuan/mt, reaching an intraday high of 2,850 yuan/mt and a low of 2,817 yuan/mt, and closing at 2,833 yuan/mt, with a relatively balanced tug-of-war between longs and shorts. Trading volume decreased by 6,524 lots to 142,000 lots, indicating cooling market trading sentiment, while open interest increased by 6,979 lots to 341,000 lots, suggesting some capital was still positioning at low levels. Technically, MA5 (2,829.2) and MA10 (2,821.6) converged into a short-term moving average cluster, with the closing price standing above both moving averages but clearly suppressed by MA30 (2,844.43), remaining overall in a zone where moving averages intertwined. Overall, the short-term market lacked a clear direction, with prices mainly consolidating within the 2,810-2,850 range. Going forward, attention should be paid to whether prices can effectively break above the MA30 resistance or further test support at key round-number levels.

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