Copper - LME copper opened at $8,955/mt overnight, initially dipped to $8,937/mt, then fluctuated upwards to a high of $9,038/mt during the session, but fell back towards the end, closing at $8,965/mt, down 0.26%. Trading volume reached 23,000 lots, and open interest was 278,000 lots. The most-traded SHFE copper 2410 contract opened at 71,960 yuan/mt overnight, initially fluctuated downwards but then rose to a high of 72,360 yuan/mt during the session, subsequently fell back, hitting a low of 71,820 yuan/mt towards the end, and finally closed at 71,920 yuan/mt, down 0.1%. Trading volume reached 45,000 lots, and open interest was 167,000 lots.
Aluminum - Overnight, the most-traded SHFE aluminum 2410 contract opened at 19,345 yuan/mt, reaching a high of 19,420 yuan/mt, a low of 19,305 yuan/mt, and closed at 19,365 yuan/mt, up 15 yuan/mt, an increase of 0.08%. On Wednesday, LME aluminum opened at $2,412.5/mt, reached a high of $2,418.5/mt, a low of $2,370.5/mt, and closed at $2,399.5/mt, down $16/mt, a decrease of 0.66%.
Lead - Overnight, LME lead opened at $2,064/mt. Lower-than-expected US economic data heightened market concerns about a recession and increased bets on a rate cut in September, leading to a general decline in base metals. LME lead also fell sharply, hitting a low of $2,015/mt during the session, a new two-week low. By the end of the session, LME lead closed at $2,015.5/mt, down 2.4%. Overnight, the SHFE lead warehouse warrant inventory continued to accumulate, and the overall trading focus of SHFE lead shifted downward day by day. The most-traded SHFE lead 2410 contract opened at 17,065 yuan/mt. After intensified long-short competition, SHFE lead rebounded from a low but failed to stand at 17,200 yuan/mt, finally closing at 17,160 yuan/mt, down 0.12%. Its open interest was 53,650 lots, a decrease of 1,842 lots from the previous trading day.
Zinc - Overnight, LME zinc opened at $2,848.5/mt, briefly rose to $2,854.5/mt at the beginning of the session, then shorts increased their positions, causing LME zinc to fluctuate downward, hitting a low of $2,775/mt during European trading hours. Subsequently, LME zinc fluctuated upward during the night session, consolidating at $2,800/mt, and finally closed down at $2,803.5/mt, a decrease of $46.5/mt or 1.63%. Trading volume increased to 11,990 lots, and open interest increased by 4,511 lots to 226,000 lots. Overnight, the most-traded SHFE zinc 2410 contract opened at 23,360 yuan/mt, with longs reducing their positions at the beginning of the session, causing SHFE zinc to fluctuate downward to a low of 23,320 yuan/mt. Subsequently, shorts reduced their positions, causing SHFE zinc to shift upward, reaching a high of 23,490 yuan/mt. At the end of the session, both longs and shorts intertwined, with SHFE zinc consolidating along the daily moving average, and finally closed down at 23,410 yuan/mt, a decrease of 10 yuan/mt or 0.04%. Trading volume decreased to 83,990 lots, and open interest decreased by 2,509 lots to 106,000 lots.
Nickel - On September 4, Jinchuan nickel was quoted at a premium of 1,100-1,200 yuan/mt, with an average of 1,150 yuan/mt, up 200 yuan/mt from the previous trading day. Norilsk nickel was quoted at a discount of 350 yuan/mt to a premium of 100 yuan/mt, with an average discount of 125 yuan/mt, up 125 yuan/mt from the previous trading day.