Copper - Last Friday evening, LME copper opened at $9,715.5/mt, initially reaching a high of $9,726.5/mt before declining to a low of $9,651/mt during the session. It then consolidated at the end of the trading session and finally closed at $9,680/mt, with a decline of 2.06%. Trading volume reached 18,000 lots, and open interest was 321,000 lots. Last Friday evening, the most-traded SHFE copper 2407 contract opened at ¥78,640/mt, initially declining to a low of ¥78,480/mt. It then slightly rebounded during the session, reaching a high of ¥78,970/mt near the end of the trading session, and finally closed at ¥78,700/mt, with a decline of 1.27%. Trading volume reached 21,000 lots, and open interest was 129,000 lots.
Aluminum - Last Friday night, the most-traded SHFE 2408 aluminum contract opened at 20,430 yuan/mt, reaching a high of 20,470 yuan/mt and a low of 20,385 yuan/mt, and closed at 20,435 yuan/mt, down 120 yuan/mt, a decrease of 0.58%. The previous trading day, LME aluminum opened at $2,522.5/mt, hit a high of $2,537.5/mt and a low of $2,501/mt, and closed at $2,513/mt, down $8/mt, a decrease of 0.32%.
Lead - Last Friday, LME lead opened at $2,215/mt, briefly touching a high of $2,223/mt during the Asian session before declining. During the European session, LME lead continued to weaken, reaching a low of $2,181/mt, and finally closed at $2,186/mt, with a decline of 1.33%. Last Friday evening, the most-traded SHFE lead 2408 contract opened at ¥18,735/mt, briefly touching a low of ¥18,635/mt at the beginning of the session. Later, influenced by factors such as a decline in LME lead inventories, bullish funds pushed lead prices up to a high of ¥18,950/mt, and finally closed at ¥18,895/mt, with an increase of 0.59%.
Zinc - Last Friday, LME zinc opened at $2,870/mt. At the beginning of the session, LME zinc fluctuated around the average daily line, reaching a high of $2,876/mt. Subsequently, bulls exited the market, causing LME zinc to consolidate around $2,860/mt. Approaching the night session, LME zinc accelerated its decline to a low of $2,831.5/mt before rebounding to consolidate near the average daily line, eventually closing lower at $2,858/mt, down $10.5/mt, a decrease of 0.37%. Trading volume increased to 5,763 lots, and open interest decreased by 242 lots to 231,000 lots. Last Friday, the most-traded SHFE zinc 2408 contract opened lower at RMB 23,705/mt. At the beginning of the session, it quickly dipped to RMB 23,625/mt before bulls entered the market, pushing SHFE zinc to rise, with the focus shifting above the average daily line. Approaching the end of the trading session, SHFE zinc quickly surged to a high of RMB 23,955/mt, eventually closing lower at RMB 23,875/mt, down RMB 20/mt, a decrease of 0.08%. Trading volume decreased to 81,430 lots, and open interest increased by 3,365 lots to 96,479 lots.
Nickel - Last week, SHFE nickel prices continued to decline, reaching a low of 132,810 yuan/mt. By the close on Friday, it slightly rebounded to 133,510 yuan/mt. The price drop was caused by the weakening macro support for non-ferrous metals, with all varieties gradually returning to fundamentals. Market expectations of a supply surplus led to weak prices.