Copper - Overnight, LME copper opened at $9,008.5/mt, briefly bottomed at $9,005.5/mt at the beginning of the session, and then fluctuated within a wide range with its center moving upward, peaking at $9,049.5/mt near the close. It eventually settled at $9,045/mt, up 0.43%, with trading volume reaching 12,000 lots and open interest at 267,000 lots. Overnight, the most-traded SHFE copper 2501 contract opened lower at 74,250 yuan/mt, briefly bottomed at 74,170 yuan/mt at the beginning of the session, and then fluctuated upward, peaking at 74,540 yuan/mt during the session. It subsequently maintained wide fluctuations and finally closed at 74,450 yuan/mt, up 0.57%, with trading volume reaching 19,000 lots and open interest at 126,000 lots.
Aluminum - Overnight, the most-traded SHFE aluminum 2502 contract opened at 19,930 yuan/mt, peaked at 19,950 yuan/mt, hit a low of 19,880 yuan/mt, and closed at 19,945 yuan/mt, up 20 yuan/mt or 0.10% from the previous day. On Wednesday, LME aluminum opened at $2,544/mt, reached a high of $2,549/mt, touched a low of $2,526/mt, and settled at $2,531/mt, down $6/mt or 0.24%.
Lead - Overnight, LME lead opened at $1,987.5/mt and briefly touched a high of $1,997.5/mt during the Asian session before fluctuating downward. Entering the European session, pressured by the US dollar index's rally, LME lead fell to a low of $1,970/mt, slightly rebounded at the close, and finally settled at $1,983/mt, down 0.1%. Overnight, the most-traded SHFE lead 2501 contract opened at a low of 17,280 yuan/mt. After shorts reduced positions, it slightly rebounded, fluctuating rangebound around the intraday moving average. It touched a high of 17,435 yuan/mt at the close and finally settled at 17,420 yuan/mt, down 0.91%.
Zinc - Overnight, LME zinc opened at $3,033/mt. After briefly consolidating around the daily moving average at the start of trading, LME zinc plunged as bulls exited the market, with its center moving below the daily moving average. During European trading hours, it hit a low of $2,988/mt, then fluctuated around $3,005/mt, eventually closing down at $3,001/mt, a decrease of $35.5/mt or 1.17%. Trading volume fell to 8,619 lots, and open interest decreased by 4,398 lots to 230,000 lots. Overnight, the most-traded SHFE zinc 2502 contract opened at 25,050 yuan/mt. After quickly reaching a high of 25,085 yuan/mt, its center moved below the daily moving average, trading relatively steadily overall. It hit a low of 24,970 yuan/mt during the session and eventually closed down at 25,000 yuan/mt, a decrease of 155 yuan/mt or 0.62%. Trading volume fell to 37,986 lots, while open interest increased by 961 lots to 124,000 lots.
Nickel - Spot Premiums/Discounts: The mainstream spot premium for Jinchuan #1 nickel was 4,100-4,300 yuan/mt, with an average of 4,200 yuan/mt, up 450 yuan/mt compared to the previous trading day. The spot premium for Norilsk nickel was -200-0 yuan/mt, with an average of -100 yuan/mt, up 50 yuan/mt compared to the previous trading day. The morning average price of SMM 1# refined nickel fell by 1,225 yuan/mt to 126,225 yuan/mt. Futures Market: On December 18, nickel prices fluctuated downward in the morning, with the midday closing price dropping by 2,000 yuan/mt to 123,760 yuan/mt, a decline of 1.59%.