Base Metal Morning update

Category:-Metal | 20-Feb-2025 09:47 PM

Copper - Overnight, LME copper opened at $9,529/mt, peaked at $9,538.5/mt in early trading, then fluctuated downward, hitting a low of $9,438/mt near the close, and finally settled at $9,442/mt with open interest at 289,000 lots. Overnight, the most-traded SHFE copper 2504 contract opened at 77,670 yuan/mt, peaked at 77,710 yuan/mt in early trading, then fluctuated downward, hitting a low of 77,340 yuan/mt near the close, followed by a slight rebound in the center, and finally settled at 77,520 yuan/mt, up 0.51%, with trading volume at 20,000 lots and open interest at 162,000 lots.

Aluminum - Yesterday, the SHFE aluminum 2504 contract opened at 20,790 yuan/mt, with a high of 20,800 yuan/mt and a low of 20,700 yuan/mt, closing at 20,720 yuan/mt, up 30 yuan/mt or 0.14% from the previous day. LME aluminum opened at $2,665/mt, with a high of $2,704/mt and a low of $2,655.5/mt, closing at $2,680.5/mt, up $12/mt or 0.45%.

Lead - Overnight, LME lead opened at $1,995/mt, fluctuated downward during the Asian session, and continued to decline during the European session, hitting a low of $1,972.5/mt before rebounding to a high of $1,999/mt. It eventually closed at $1,992.5/mt, down $4/mt or 0.2%. Overnight, the most-traded SHFE lead 2503 contract opened at 16,965 yuan/mt, fluctuated upward to 17,000 yuan/mt during the early session and consolidated, eventually closing at 17,025 yuan/mt, down 10 yuan/mt or 0.06%.

Zinc - Overnight, LME zinc opened at $2,884/mt. In the early session, a tug-of-war between longs and shorts caused LME zinc to fluctuate around the daily moving average, with longs gaining the upper hand as LME zinc fluctuated upward. During European trading hours, it peaked at $2,900/mt, but shorts launched a high-level attack, driving LME zinc down to a low of $2,857.5/mt. By the session close, the center fluctuated near $2,870/mt, and it ultimately closed down at $2,874.5/mt, a decrease of $15/mt or 0.52%. Trading volume increased to 9,191 lots, and open interest rose by 629 lots to 224,000 lots. Overnight, the most-traded SHFE zinc 2504 contract opened at 23,940 yuan/mt. After briefly consolidating around the daily moving average in the early session, shorts increased positions, causing SHFE zinc to drop sharply, with the center shifting down to around 23,880 yuan/mt. By the session close, longs entered at lower levels, leading to an upward correction in SHFE zinc. It ultimately closed down at 23,935 yuan/mt, a decrease of 30 yuan/mt or 0.13%. Trading volume decreased to 31,343 lots, while open interest increased by 1,106 lots to 66,606 lots.


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