Copper - Last Friday evening, LME copper opened at $9,100/mt, fluctuated at high levels initially, and peaked at $9,113/mt. It then declined throughout the session, hitting a low of $9,036/mt, with the center rebounding slightly by the close, ultimately settling at $9,056.5/mt, down 0.17%. Trading volume reached 15,000 lots, and open interest stood at 270,000 lots. Last Friday evening, the most-traded SHFE copper 2501 contract opened at 74,680 yuan/mt, peaked at 74,870 yuan/mt in early trading, and then declined throughout the session, hitting a low of 74,310 yuan/mt by the close. The center rebounded slightly, ultimately settling at 74,350 yuan/mt, down 0.51%. Trading volume reached 24,000 lots, and open interest stood at 142,000 lots. 

Aluminum - Last Friday night, the most-traded SHFE aluminum 2502 contract opened at 20,395 yuan/mt, reaching a high of 20,465 yuan/mt and a low of 20,325 yuan/mt, before closing at 20,345 yuan/mt, down 5 yuan/mt or 0.02% from the previous close. Last Friday, LME aluminum opened at $2,602/mt, hit a high of $2,618/mt and a low of $2,586/mt, and closed at $2,615/mt, up $11/mt or 0.42%.

Lead - Last Friday, LME lead opened at $2,005/mt and fluctuated downward during the Asian session; in the European session, LME lead rose initially but then declined, hitting a low of $1,994.5/mt. Bulls increased positions during the late session, pushing prices to a high of $2,016/mt, and LME lead finally settled at $2,013.5/mt, up 0.62%. Last Friday evening, the most-traded SHFE lead 2501 contract opened lower at 17,355 yuan/mt and briefly touched a high of 17,370 yuan/mt during the early session. Due to the delivery of the SHFE lead 2412 contract and the accumulation of social inventories of lead ingots, longs reduced positions, driving SHFE lead to a low of 17,270 yuan/mt, and it eventually closed at 17,315 yuan/mt, down 0.69%.

Zinc - Last Friday, LME zinc opened at $3,081.5/mt. In the early session, LME zinc briefly consolidated along the daily moving average before its center shifted downward to test a low of $3,060.5/mt. Subsequently, bulls entered at lower levels, pushing LME zinc to fluctuate upward, with its center operating above the daily moving average. During the European trading session, it reached a high of $3,120/mt. Entering the night session, bears entered while longs closed positions, causing the center of LME zinc to shift downward to around $3,090/mt. It eventually closed higher at $3,089.5/mt, up $9/mt or 0.29%. Trading volume decreased to 8,183 lots, and open interest fell by 3,711 lots to 233,000 lots. Last Friday, the most-traded SHFE zinc 2501 contract opened higher at 25,870 yuan/mt. In the early session, shorts entered, suppressing SHFE zinc to fluctuate downward, with its center operating below the daily moving average. After testing a low of 25,725 yuan/mt, its center fluctuated around 25,770 yuan/mt. It eventually closed higher at 25,760 yuan/mt, up 65 yuan/mt or 0.25%. Trading volume decreased to 74,921 lots, while open interest increased by 305 lots to 127,000 lots.

Nickel - Last week, nickel prices fluctuated, with spot prices at 126,000-133,000 yuan/mt and SHFE nickel at 124,000-130,000 yuan/mt. During the week, nickel prices rose slightly under the dual influence of favorable Indonesian nickel resource policies and domestic policies. On the fundamentals side, there were no structural changes WoW, and the overall sentiment remained bearish.