Alumina 2609 Futures Sideways with Bearish Technical Outlook, Range-Bound Short-Term

Published: May 15, 2026 09:23

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Futures: Based on futures data combined with technical indicators, the most-traded alumina 2609 contract moved sideways last night with shrinking volume. Prices fluctuated around 2,790 yuan/mt, with a high-low range of only 19 yuan/mt, ultimately closing at 2,792 yuan/mt, basically flat with the opening price. Trading volume contracted significantly (down 111,000 lots), while open interest edged up by 4,060 lots, indicating that both bulls and bears were becoming cautious at current price levels, lacking willingness to take the initiative. On the technical side, MA5 (2,791) was basically aligned with the closing price, forming weak short-term support; MA10 (2,803.5), MA20 (2,835.15), and MA40 (2,822.43) were all in bearish alignment above the price, creating layers of resistance. Current prices were below all major moving averages, with the overall technical pattern leaning bearish. In the short term, prices are expected to remain in the doldrums within the 2,785–2,805 yuan/mt range, awaiting a directional breakout.

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