Copper - Overnight, LME copper opened at $8,915.5/mt, fluctuated rangebound in early trading, and slightly rose during the session to a high of $8,936.5/mt. The center shifted downward to a low of $8,859.5/mt, and LME copper closed at $8,885/mt, down 1.77%. Trading volume reached 19,000 lots, and open interest stood at 265,000 lots. Overnight, the most-traded SHFE copper 2502 contract opened at 73,650 yuan/mt, fluctuated upward in early trading, reaching a high of 73,870 yuan/mt during the session, then fluctuated downward to a low of 73,520 yuan/mt before closing at 73,540 yuan/mt, down 0.61%. Trading volume reached 17,000 lots, and open interest stood at 130,000 lots.

Aluminum - Overnight, the most-traded SHFE aluminum 2502 contract opened at 19,845 yuan/mt, hitting a high of 19,910 yuan/mt and a low of 19,825 yuan/mt, before closing at 19,845 yuan/mt, down 5 yuan/mt or 0.03% from the previous day. On Thursday, LME aluminum opened at $2,524/mt, reached a high of $2,527.5/mt and a low of $2,505.5/mt, and closed at $2,515/mt, down $16/mt or 0.63%.

Lead - Overnight, LME lead opened lower at $1,974/mt, briefly touching a high of $1,975.5/mt during the Asian session. Due to the high-level fluctuation of the US dollar index, LME lead came under pressure during the European session, dipping to $1,955.5/mt and finally closing at $1,973/mt, down 0.5%. Overnight, the most-traded SHFE lead 2502 contract opened at 17,415 yuan/mt, briefly touching a high of 17,430 yuan/mt in early trading before fluctuating downward. It dipped to 17,280 yuan/mt by the end of the session and closed at 17,335 yuan/mt, down 1.42%.

Zinc - Overnight, LME zinc opened at $2,980/mt. At the beginning of the session, LME zinc fluctuated rangebound around the daily moving average. During European trading hours, bears increased positions, pushing LME zinc down to $2,952.5/mt. Subsequently, the center returned to the daily moving average for consolidation, reaching a high of $3,001.5/mt during the night session. By the end of the session, the center shifted downward to $2,970/mt, closing down at $2,970/mt, a decrease of $31/mt or 1.03%. Trading volume increased to 11,716 lots, and open interest rose by 1,500 mt to 231,000 lots. Overnight, the most-traded SHFE zinc 2502 contract opened at 24,935 yuan/mt. At the beginning of the session, SHFE zinc briefly consolidated around the daily moving average before quickly rallying to a high of 25,040 yuan/mt. Subsequently, shorts launched high-level attacks, causing SHFE zinc to decline stepwise. By the end of the session, the center shifted downward to 24,890 yuan/mt, closing down at 24,895 yuan/mt, a decrease of 15 yuan/mt or 0.06%. Trading volume decreased to 42,637 lots, while open interest increased by 1,222 lots to 125,000 lots.

Nickel - Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan #1 nickel were 3,800-4,000 yuan/mt, with an average of 3,900 yuan/mt, down 300 yuan/mt compared to the previous trading day. The spot premiums for Norilsk nickel were -200-0 yuan/mt, with an average of -100 yuan/mt, unchanged from the previous trading day. Futures Market: On December 19, influenced by the US Fed's statement during the night session indicating "cautious interest rate cuts ahead," SHFE nickel fell again from the night session to the morning. The midday closing price dropped by 1,320 yuan/mt to 122,930 yuan/mt, a decline of 1.06%. The early morning average price of SMM 1# refined nickel fell by 1,325 yuan/mt to 124,900 yuan/mt.