Copper - Overnight, LME copper opened at $9,758.5/mt, initially dipped to $9,752/mt, then rose to a high of $9,873.5/mt during the session, and finally dropped back slightly to close at $9,801/mt, down 0.2%. Trading volume reached 25,000 lots, and open interest was 284,000 lots. Overnight, the most-traded SHFE copper contract 2411 opened at and dipped to 77,210 yuan/mt, initially rose to a high of 77,820 yuan/mt, then fluctuated rangebound and finally closed at 77,330 yuan/mt, down 0.13%. Trading volume reached 46,000 lots, and open interest was 169,000 lots.

Aluminum - Futures market: Overnight, the most-traded SHFE aluminum 2411 contract opened at 20,010 yuan/mt, reached a high of 20,125 yuan/mt and a low of 20,010 yuan/mt, and closed at 20,050 yuan/mt, down 5 yuan/mt, a decrease of 0.02%. On the previous trading day, LME aluminum opened at $2,557/mt, hit a high of $2,580/mt and a low of $2,516/mt, and closed at $2,539/mt, down $17/mt, a decrease of 0.67%.

Lead - Overnight, LME lead opened at $2,082/mt. During the Asian session, the market was quiet, with LME lead consolidating between $2,085 and $2,090/mt. Entering the European session, a stronger dollar pressured down non-ferrous metals, causing LME lead to dip below $2,060/mt. However, with LME lead inventory continuing to decline, prices rebounded, maintaining a recent upward fluctuation, and finally closed at $2,102.5/mt, up 1.06%, marking a new high for the month. Overnight, the most-traded SHFE lead 2411 contract opened at 16,555 yuan/mt. SHFE lead warehouse warrant inventory decreased, and SHFE lead opened low and trended high. The tug-of-war between longs and shorts intensified during the session, with SHFE lead mostly consolidating between 16,650 and 16,700 yuan/mt and finally closing at 16,695 yuan/mt, up 0.03%. The open interest reached 46,142 lots, an increase of 919 lots from the previous trading day.

Zinc - Overnight, LME zinc opened at $3,009.5/mt. Initially, SHFE zinc fluctuated around the daily average, reaching a high of $3,040/mt. Subsequently, LME zinc fluctuated downward below the daily average. During European trading hours, bulls increased positions, causing LME zinc to slightly rise to fluctuate around $3,000/mt. However, as bulls took profits and exited, LME zinc's focus shifted downward to a low of $2,980/mt. Later, LME zinc fluctuated upward to $3,025/mt. Entering the night session, LME zinc plunged below the daily average, closing down at $2,988.5/mt, a decrease of $22/mt, or 0.73%. Trading volume increased to 107,000 lots, and open interest increased by 2,429 lots to 242,000 lots. Overnight, the most-traded SHFE zinc 2411 contract opened at 24,445 yuan/mt. Initially, bulls increased positions, causing SHFE zinc to fluctuate upward above the daily average, reaching a high of 24,635 yuan/mt. Subsequently, as bulls took profits and exited, SHFE zinc plunged downward below the daily average. During the session, bears increased positions, causing SHFE zinc to fluctuate downward, reaching a low of 24,400 yuan/mt at the end of the session. It closed down at 24,410 yuan/mt, a decrease of 55 yuan/mt, or 0.22%. Trading volume decreased to 84,487 lots, and open interest decreased by 932 lots to 112,000 lots.

Nickel - On September 25, Jinchuan nickel was reported at a premium of 1,600-1,800 yuan/mt, with an average of 1,700 yuan/mt, down 50 yuan/mt from the previous trading day. Norilsk nickel was quoted at a discount of 300-100 yuan/mt, with an average of 200 yuan/mt, up 25 yuan/mt from the previous trading day.