Copper - LME copper opened at $9,948.5/mt overnight, initially fluctuating rangebound before declining to a low of $9,945/mt. It then rose steadily, reaching a high of $10,090/mt near the close, and finally closed at $10,090/mt, up 2.95%. Trading volume reached 39,000 lots, and open interest was 288,000 lots. Overnight, the most-traded SHFE copper 2411 contract opened at 78,470 yuan/mt, initially dipping to 77,880 yuan/mt, then rising to a high of 78,960 yuan/mt during the session, and finally consolidating to close at 78,880 yuan/mt, up 1.91%. Trading volume was 81,000 lots, and open interest was 177,000 lots. 

Aluminum - Overnight, the most-traded SHFE aluminum 2411 contract opened at 20,295 yuan/mt, reaching a high of 20,345 yuan/mt and a low of 20,225 yuan/mt, closing at 20,315 yuan/mt, up 165 yuan/mt, a rise of 0.81%. LME aluminum opened the previous trading day at $2,535/mt, with a high of $2,622/mt and a low of $2,532/mt, closing at $2,621.5/mt, up $83/mt, a rise of 3.27%.

Lead - Overnight, LME lead opened at $2,097.5/mt. Benefiting from China's economic stimulus policy, LME lead showed a fluctuating upward trend throughout the day, peaking at $2,147.5/mt, the highest since July 19, 2024. By the close, the rise in LME lead slowed and LME lead closed at $2,137/mt, up 1.64%. Overnight, the most-traded SHFE lead 2411 contract opened higher at 16,850 yuan/mt. With the release of domestic economic policies, non-ferrous metals generally strengthened. SHFE lead initially surged to 16,920 yuan/mt, a new high for the past half month. Subsequently, the rise in SHFE lead slightly retracted, and SHFE lead consolidated between 16,800-16,850 yuan/mt, finally closing at 16,795 yuan/mt, up 0.81%. The open interest was 46,057 lots, down 110 lots from the previous trading day.

Zinc - Overnight, LME zinc opened at $2,988/mt, initially fluctuating narrowly around the daily average line and dipping to $2,984/mt. In the afternoon, LME zinc rose above the daily average line, reaching a high of $3,106/mt, and ended with a narrow fluctuation around $3,095/mt, closing up at $3,094/mt, an increase of $105.5/mt, or 3.53%. Trading volume increased to 112,000 lots, and open interest decreased by 1,242 lots to 241,000 lots. Overnight, the most-traded SHFE zinc 2411 contract opened with a gap at 24,970 yuan/mt, initially fluctuating around the daily average line with a range of 280 yuan/mt, dipping to 24,860 yuan/mt. Subsequently, bulls increased positions, pushing SHFE zinc to a high of 25,155 yuan/mt. By the end of the session, bulls reduced positions slightly, and it closed up at 25,025 yuan/mt, an increase of 315 yuan/mt, or 1.27%. Trading volume decreased to 135,000 lots, and open interest increased by 4,659 lots to 117,000 lots.

Nickel - On September 26, Jinchuan nickel was quoted at a premium of 1,700-1,800 yuan/mt, with an average of 1,750 yuan/mt, up 50 yuan/mt from the previous trading day. Norilsk nickel was quoted at a discount of 300-200 yuan/mt, with an average of 250 yuan/mt, down 50 yuan/mt from the previous trading day.