Copper - LME copper opened at $9,102/mt overnight. After an initial decline, it maintained a wide fluctuating trend throughout the session, with the center shifting downward. It peaked at $9,110/mt at the beginning of the session and hit a low of $9,060/mt at the end, finally closing at $9,090/mt, down 0.08%. Trading volume reached 12,000 lots, and open interest was 268,000 lots. The most-traded SHFE copper 2501 contract opened at 74,630 yuan/mt overnight, peaked at 74,700 yuan/mt at the beginning of the session, then declined to a low of 74,280 yuan/mt, and maintained a wide fluctuating trend thereafter, finally closing at 74,400 yuan/mt, down 0.13%. Trading volume reached 20,000 lots, and open interest was 155,000 lots.

Aluminum - Overnight, the most-traded SHFE aluminum 2501 contract opened at 20,550 yuan/mt, reached a high of 20,570 yuan/mt, a low of 20,460 yuan/mt, and closed at 20,475 yuan/mt, down 30 yuan/mt from the previous day, a decrease of 0.15%. On Thursday, LME aluminum opened at $2,638/mt, hit a high of $2,649/mt, a low of $2,626/mt, and closed at $2,638/mt, down $0.5/mt, a decrease of 0.02%.

Lead - Overnight, LME lead opened at $2,087.5/mt. Overseas lead ingot inventory slightly decreased, while the US dollar further weakened, leading to a general strengthening of base metals. During this period, LME lead continued to fluctuate upward, reaching a peak of $2,100/mt, setting a new one-and-a-half-month high. By the end of the session, it closed at $2,098/mt, up 0.55%. Overnight, the most-traded SHFE lead 2501 contract opened at 17,610 yuan/mt. Driven by the rise in LME lead, bulls increased their positions, pushing the center of SHFE lead upward to above 17,700 yuan/mt. By the end of the session, it closed at 17,710 yuan/mt, up 0.57%. Its open interest reached 56,040 lots, an increase of 806 lots from the previous trading day.

Zinc - Overnight, LME zinc opened at $3,084/mt, quickly declined to a low of $3,070.5/mt at the beginning of the session, and then rose to a high of $3,127/mt during European trading hours as bulls increased their positions. It later fluctuated around $3,110/mt and finally closed up at $3,108/mt, an increase of $23/mt or 0.75%. Trading volume decreased to 8,191 lots, and open interest increased by 856 lots to 244,000 lots. Overnight, the most-traded SHFE zinc 2501 contract opened at 25,600 yuan/mt. At the beginning of the session, SHFE zinc mainly fluctuated along the daily moving average, dipping to a low of 25,530 yuan/mt. Later, as bulls increased their positions towards the end of the session, SHFE zinc fluctuated upward to a high of 25,700 yuan/mt. However, lacking upward momentum, it fell back to near the daily moving average and finally closed up at 25,625 yuan/mt, an increase of 75 yuan/mt or 0.25%. Trading volume decreased to 85,496 lots, and open interest increased by 1,823 lots to 133,000 lots.

Nickel -Spot Premiums/Discounts: The mainstream spot premium for Jinchuan #1 nickel was 2,800-3,000 yuan/mt, with an average of 2,900 yuan/mt, unchanged from the previous trading day. The spot premium for Norilsk nickel was -300-0 yuan/mt, with an average of -150 yuan/mt, also unchanged from the previous trading day. Futures Market: On December 5, nickel prices fell sharply in the morning, with the midday closing price dropping by 1,710 yuan/mt to 125,700 yuan/mt, a decline of 1.34%. The SMM1# refined nickel price fell by 1,450 yuan/mt to 127,575 yuan/mt.