Copper - LME copper opened at $9,176/mt overnight, initially reaching a session high of $9,190/mt, hitting a session low of $9,110.5/mt, and finally closed at $9,157/mt, down 0.86%. Trading volume reached 18,000 lots, and open interest was 299,000 lots. The most-traded SHFE 2409 copper contract opened at 74,840 yuan/mt overnight, initially declining to a session low of 74,530 yuan/mt before rebounding to a session high of 75,200 yuan/mt, and finally closed at 75,000 yuan/mt, down 0.42%. Trading volume reached 56,000 lots, and open interest was 180,000 lots.
Aluminum -The most-traded SHFE aluminum 2409 contract opened at 19,340 yuan/mt overnight, reaching a high of 19,410 yuan/mt and a low of 19,310 yuan/mt, and closed at 19,350 yuan/mt, up 60 yuan/mt, a decrease of 0.31%. The previous trading day, LME aluminum opened at $2,319/mt, hit a high of $2,327/mt and a low of $2,293/mt, and closed at $2,298.5/mt, down $16/mt, a decrease of 0.69%.
Lead - Overnight, LME lead opened at $2,087/mt. With the strengthening of the dollar and concerns over demand, LME lead's decline widened compared to the previous trading day. Especially during the European session, LME lead inventory surged by over 40,000 mt, causing the trading focus of LME lead to continue to shift downward. LME lead reached a low of $2,050/mt, once again hitting a new low since April 3, 2024, and eventually closed at $2,054/mt, down 1.6%. Overnight, the most-traded SHFE 2409 lead contract opened at 19,025 yuan/mt. The impact of domestic supply resumption and import expectations continued to ferment, causing SHFE lead to plummet quickly after the opening. SHFE lead hit a low of 18,780 yuan/mt, a new one-month low. In the latter part of the trading session, the tug-of-war between bulls and bears intensified, and SHFE lead recovered part of its losses, eventually closing at 18,965 yuan/mt, down 0.68%. The open interest reached 126,000 lots, an increase of 6,660 lots compared to the previous trading day.
Zinc - Overnight, LME zinc opened at $2,729/mt. After a brief rise at the beginning of the session, it peaked at $2,751/mt. Subsequently, as funds exited, LME zinc fluctuated downward, hitting a low of $2,667/mt during the night session. It then moved up to consolidate around $2,730/mt and finally closed lower at $2,702.5/mt, down $32/mt or 1.17%. Trading volume reduced to 13,569 lots, and open interest decreased by 2,431 lots to 220,000 lots. Overnight, the most-traded SHFE zinc 2409 contract opened at 23,000 yuan/mt. At the beginning of the session, SHFE zinc quickly dipped to 22,805 yuan/mt. Subsequently, as shorts reduced their positions, SHFE zinc fluctuated upward, peaking at 23,060 yuan/mt, and finally closed lower at 23,020 yuan/mt, down 75 yuan/mt or 0.32%. Trading volume reduced to 103,000 lots, and open interest increased by 3,976 lots to 99,808 lots.
Nickel - On July 23, Jinchuan nickel was quoted at a premium of 1,800-2,000 yuan/mt, with an average of 1,900 yuan/mt, a decrease of 50 yuan/mt compared to the previous trading day. Norilsk nickel was quoted at a premium of 0-200 yuan/mt, with an average price of 100 yuan/mt, an increase of 50 yuan/mt compared to the previous trading day.
Tin - In the night session yesterday, the SHFE tin most-traded contract closed at 247,820 yuan/mt, down 2,930 yuan/mt, a decrease of 1.17%. The highest price was 248,600 yuan/mt, and the lowest was 244,280 yuan/mt.