Copper - Overnight, LME copper opened at $8,984/mt, briefly bottomed at $8,964/mt in early trading, and then fluctuated rangebound throughout the session, reaching a high of $9,010/mt near the close and finally settling at $9,006.5/mt, down 0.65%. Trading volume reached 15,000 lots, and open interest stood at 270,000 lots. Overnight, the most-traded SHFE copper 2501 contract opened lower at 74,020 yuan/mt, briefly peaked at 74,150 yuan/mt in early trading, and then declined to a low of 73,910 yuan/mt before fluctuating rangebound throughout the session, ultimately closing at 74,090 yuan/mt, down 0.63%. Trading volume reached 21,000 lots, and open interest stood at 133,000 lots.
Aluminum - Overnight, the most-traded SHFE aluminum 2502 contract opened at the highest point of 19,945 yuan/mt, hit a low of 19,875 yuan/mt, and closed at 19,935 yuan/mt, up 10 yuan/mt or 0.05% from the previous day. On Tuesday, LME aluminum opened at the highest point of $2,566/mt, reached a low of $2,526/mt, and closed at $2,537/mt, down $27.5/mt or 1.07%.
Lead - Overnight, LME lead opened higher at $2,004.5/mt, briefly touching a high of $2,012/mt during the Asian session before fluctuating downward. In the European session, it continued to weaken, hitting a low of $1,983/mt and finally closing at $1,985/mt, down 0.5%. Overnight, the most-traded SHFE lead 2501 contract opened at a low of 17,595 yuan/mt, fluctuated upward in early trading to a high of 17,775 yuan/mt, and then dropped back slightly and fluctuated rangebound, closing at 17,665 yuan/mt, up 0.91%.
Lead - Overnight, the most-traded SHFE zinc 2502 contract opened at 25,350 yuan/mt. At the beginning of the session, a tug-of-war between longs and shorts caused SHFE zinc to fluctuate rangebound around the daily moving average, with an amplitude of no more than 200 yuan/mt. Toward the end of the session, shorts increased positions, pushing SHFE zinc sharply downward to close at the intraday low of 25,235 yuan/mt, a decrease of 185 yuan/mt or 0.73%. Trading volume decreased to 34,951 lots, while open interest increased by 604 lots to 125,000 lots. Overnight, SHFE zinc recorded three consecutive bearish candlesticks, with the 5-day and 10-day moving averages providing resistance above, and the KDJ indicator expanding downward. As supply-side constraints ease, the tight supply-driven logic has begun to weaken. However, demand remains better-than-expected in the off-season, inventory is at a seasonal low, and spot premiums are fluctuating at highs. Zinc prices are expected to have limited downside room.
Nickel - Spot Premiums/Discounts: The mainstream spot premium for Jinchuan #1 nickel was 3,600-3,900 yuan/mt, with an average premium of 3,750 yuan/mt, down 100 yuan/mt compared to the previous trading day. The spot premium for Norilsk nickel was -300-0 yuan/mt, with an average premium of -150 yuan/mt, unchanged from the previous trading day. Futures Market: On December 17, nickel prices fluctuated downward in the morning, with the midday closing price dropping by 1,640 yuan/mt to 125,170 yuan/mt, a decline of 1.29%, and the downward trend continued. The morning average price of SMM #1 refined nickel fell by 750 yuan/mt to 127,450 yuan/mt.