Copper - Last Friday evening, LME copper opened at $9,496.5/mt and initially dipped slightly before rising to a high of $9,515.5/mt. It then declined all the way, touching a low of $9,410.5/mt near the close, and finally rebounded slightly to close at $9,433/mt, down 2.54%. Trading volume reached 22,000 lots, and open interest was 276,000 lots. Last Friday evening, the most-traded SHFE copper 2412 contract opened at 76,480 yuan/mt, initially touched a high of 76,810 yuan/mt, then fluctuated downward, touching a low of 76,380 yuan/mt near the close, and finally closed at 76,420 yuan/mt, down 1.1%. Trading volume reached 34,000 lots, and open interest was 148,000 lots.
Aluminum - Last Friday night, the most-traded SHFE aluminum 2412 contract opened at 21,490 yuan/mt, reaching a high of 21,630 yuan/mt and a low of 21,440 yuan/mt, and closed at 21,530 yuan/mt, down 140 yuan/mt from the previous close, a decrease of 0.65%. The trading volume was 81,900 lots, and the open interest was 215,000 lots, with a daily reduction of 4,900 lots. On Friday, LME aluminum opened at $2,694.5/mt, hit a high of $2,711.5/mt, a low of $2,616/mt, and closed at $2,627/mt, down $67.5/mt, a decrease of 2.51%.
Lead - Last Friday, LME lead opened at $2,031.5/mt. After the release of favorable macro front, most base metals returned to fundamentals, with non-ferrous metals generally jumping initially and then pulling back. Especially during the European session, the US dollar index strengthened, and LME lead once fell to $2,022/mt, finally closing at $2,023.5/mt, down 0.66%. Last Friday, the most-traded SHFE lead 2412 contract opened at 16,855 yuan/mt. With the increase in lead ingot inventory, SHFE lead shifted from daytime strength to fluctuating downward, with the overall operating focus moving downward, finally closing at 16,805 yuan/mt, down 0.47%. Its open interest was 43,633 lots, down 813 lots from the previous trading day.
Zinc - Last Friday, LME zinc opened at $3,063/mt, initially touched $3,071/mt, then fluctuated downward, hitting a low of $2,970/mt near the close, and finally closed down at $2,984/mt, a drop of $87/mt or 2.83%. Trading volume decreased to 12,422 lots, and open interest increased by 113 lots to 243,000 lots. Last Friday, LME zinc recorded a bearish candlestick, with the 10-day moving average forming resistance above. LME zinc inventory remained flat at 245,225 mt. Last Friday, the most-traded SHFE zinc 2412 contract opened at 24,820 yuan/mt, initially dipped to 24,810 yuan/mt, then fluctuated upward to a high of 25,055 yuan/mt, before falling below the daily moving average and fluctuating rangebound, finally closing down at 24,855 yuan/mt, a drop of 170 yuan/mt or 0.68%. Trading volume decreased to 73,281 lots, and open interest decreased by 2,060 lots to 99,582 lots.
Nickel - Last week, refined nickel prices fluctuated upward, ranging from 124,000 to 130,000 yuan/mt. Fundamentals, there were no significant structural changes compared to the previous week. From the perspective of the nickel industry chain, current demand shows no significant improvement. The procurement activity for NPI by stainless steel and nickel sulphate by ternary cathode precursors remains low. During the week, nickel sulphate prices remained stable with a weak trend, while NPI prices saw a slight correction.