Base Metal Morning update

Category:-Metal | 01-Apr-2025 10:07 PM

Copper  - Overnight, LME copper opened at $9,707.5/mt, with the highest price reaching $9,747.5/mt and the lowest price dropping to $9,679.5/mt, finally closing at $9,690.0/mt. It fell by $93.5/mt, or 0.96%, compared to the previous close of $9,783.5/mt. The trading volume was 18,271, and the open interest was 308,330. The overall trend showed a downward fluctuation, with prices experiencing volatility after opening and eventually closing lower. Overnight, SHFE copper 2505 contract opened at 79,860 yuan/mt, with the highest price reaching 79,940 yuan/mt and the lowest price dropping to 79,430 yuan/mt, finally closing at 79,650 yuan/mt. It fell by 670 yuan/mt, or 0.83%, compared to the previous close of 79,950 yuan/mt. The trading volume was 46,572, and the open interest was 197,696. 

Aluminum - Futures: Overnight, the most-traded SHFE aluminum 2505 contract opened at 20,480 yuan/mt, with a high of 20,510 yuan/mt, a low of 20,420 yuan/mt, and closed at 20,425 yuan/mt, down 110 yuan/mt, a decline of 0.54%. Yesterday, LME aluminum opened at $2,552.5/mt, with a high of $2,560.5/mt, a low of $2,525/mt, and closed at $2,538.5/mt, down $11.5/mt, a decline of 0.45%. 

Lead - Overnight, the most-traded SHFE lead contract opened at 17,465 yuan/mt. After opening, it fluctuated downward continuously, with bears increasing their positions, touching a low of 17,370 yuan/mt. It then fluctuated rangebound around 17,400 yuan/mt, and finally closed at 17,375 yuan/mt, down 35 yuan/mt, a decrease of 0.20%. Overnight, LME lead opened at $2,013/mt. During the Asian session, it fluctuated rangebound. Entering the European session, it lightly touched a high of $2,013/mt before fluctuating downward, lightly touching a low of $2,013/mt, and finally closed at $2,015.5/mt, up $2.5/mt, an increase of 0.12%.

Zinc - Overnight, LME zinc opened at $2,864.0/mt, reaching the intraday high at the opening. At the beginning of the session, shorts increased their positions, causing LME zinc to plunge and hit a low of $2,826/mt during European trading hours. Subsequently, shorts took profits and exited, leading to a shift in the center of LME zinc prices upward. It finally closed up at $2,853.5/mt, up $2/mt or 0.07%, with trading volume dropping to 10,256 lots and open interest decreasing by 941 lots to 222,000 lots. Overnight, the most-traded SHFE zinc 2505 contract opened at 23,450 yuan/mt. At the beginning of the session, SHFE zinc fluctuated near the daily moving average before plunging to a low of 23,355 yuan/mt. Subsequently, shorts exited, and the center of SHFE zinc prices shifted upward, fluctuating around 23,505 yuan/mt. It finally closed up at 23,505 yuan/mt, up 50 yuan/mt or 0.21%, with trading volume decreasing to 74,722 lots and open interest decreasing by 3,000 lots to 114,000 lots.


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