Copper - Overnight, LME copper opened at $9,604.5/mt. After fluctuating considerably to reach an intraday low, it surged straight up to a high of $9,636.5/mt, before fluctuating downward. Near the close, it dipped to $9,578/mt and eventually closed at $9,615/mt, up 1.24%. Trading volume reached 15,000 lots, and open interest reached 286,000 lots. Overnight, SHFE copper was closed.
Lead - Overnight, LME lead opened at $1,967/mt, and traded in the doldrums during the Asian session. Entering the European session, it fluctuated upward, hitting a high of $1,985/mt before the close, and eventually closed at $1,981/mt, up $17/mt or 0.87%.
Zinc - Overnight, LME zinc opened at $2,638.5/mt. After briefly stabilizing with fluctuations and touching a low of $2,627/mt, it climbed steadily to reach a high of $2,707/mt near the session close, finally settling at $2,693/mt, up $63.5/mt (2.41%). Trading volume rose to 13,705 lots while open interest fell by 536 lots to 213,000 lots. Overnight, SHFE zinc was suspended due to the Dragon Boat Festival holiday in China.
Aluminum -Overnight, SHFE copper was closed. On Friday, the most-traded SHFE aluminum 2507 contract opened at 20,165 yuan/mt, with a high of 20,180 yuan/mt, a low of 20,070 yuan/mt, and closed at 20,070 yuan/mt. Trading volume was 171,000 lots, and open interest was 196,000 lots. On the same day, LME aluminum opened at $2,450/mt, with a high of $2,456/mt, a low of $2,436/mt, and closed at $2,448.4/mt.
Nickel - The most-traded SHFE nickel contract (NI2507) opened significantly higher in the night session yesterday, closing up 1.25% at 121,240 yuan/mt. The fluctuating trend continued in the morning session, with the closing price at 11:30 AM at 120,810 yuan/mt, up 0.89%. In the medium and long term, the global nickel overcapacity issue remains unresolved, with the nickel market under triple pressure of "high supply, weak demand, and tight funding." The short-term fluctuating range is expected to have a bottom at 115,000 yuan/mt and a top at 123,000 yuan/mt.
Tin - The most-traded SHFE tin contract (SN2507) remained in the doldrums during the night session of last Friday, with the price center shifting down to around 250,000 yuan/mt, indicating overall weakness.