Base Metal Morning update

Category:-Metal | 03-Apr-2025 11:08 PM

Copper - LME copper opened at 9,702.0 overnight, reaching a high of 9,721.0 and a low of 9,670.0 during the session, showing a fluctuating trend overall. It finally closed at 9,721.0, up 0.29%, with a trading volume of 16,695 and an open interest of 302,920. SHFE copper 2505 contract opened at 79,840 yuan/mt overnight, reaching a high of 79,950 yuan/mt and a low of 79,710 yuan/mt during the session, showing a downward fluctuating trend overall. It finally closed at 79,780 yuan/mt, down 0.13%, with a trading volume of 28,289 and an open interest of 194,696.

Aluminum - Futures market: Overnight, the most-traded SHFE aluminum 2505 contract opened at 20,455 yuan/mt, with a high of 20,520 yuan/mt, a low of 20,430 yuan/mt, and closed at 20,520 yuan/mt, up 80 yuan/mt, or 0.39%. Yesterday, LME aluminum opened at $2,509/mt, with a high of $2,510/mt, a low of $2,485/mt, and closed at $2,489.5/mt, down $15/mt, or 0.60%.

Lead - Overnight, the most-traded SHFE lead contract opened with a gap at 17,300 yuan/mt, briefly touched a high of 17,355 yuan/mt at the beginning of the session, then fluctuated downward to a low of 17,250 yuan/mt, and finally closed at 17,265 yuan/mt, down 80 yuan/mt, a decrease of 0.46%. Overnight, LME lead opened at $1,971/mt, initially fell and then rose to a high of $1,980/mt during the Asian session, and then fluctuated downward to a low of $1,964/mt during the European session, finally closing at $1,964.5/mt, down $10.5/mt, a decrease of 0.53%.

Zinc - Overnight, LME zinc opened at $2,821.5/mt, with shorts exiting at the start, pushing the center higher to $2,837/mt. During European trading hours, shorts increased positions, causing LME zinc to plunge to $2,773.5/mt in the night session. Subsequently, the center moved higher, closing down at $2,790/mt, a drop of $26.5/mt, or 0.94%, with trading volume falling to 12,931 lots and open interest increasing by 1,662 lots to 225,000 lots. Overnight, the most-traded SHFE zinc 2505 contract opened lower with a gap at 23,205 yuan/mt, with shorts increasing positions at the start, causing SHFE zinc to break below the daily average and consolidate at 23,140 yuan/mt, briefly touching a low of 23,135 yuan/mt. Subsequently, the center moved higher, closing down at 23,190 yuan/mt, a drop of 190 yuan/mt, or 0.81%, with trading volume falling to 64,845 lots and open interest increasing by 1,555 lots to 112,000 lots.

Nickel - The mainstream spot premium quotation range for Jinchuan No.1 nickel was 1,700-1,800 yuan/mt, with an average premium of 1,750 yuan/mt, up 50 yuan/mt from the previous trading day. The premium/discount quotation range for Russian nickel was -100 to 300 yuan/mt, with an average premium of 100 yuan/mt, up 50 yuan/mt from the previous trading day.


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