*Base Metals Update – June 5, 2025*

*Copper*

• LME Copper opened at $9,640/mt, briefly dipping to a low of $9,603.5/mt. It then fluctuated upward to a high of $9,660/mt near the close, settling at $9,649/mt, up 0.11%.

• Trading Volume: 14,000 lots

• Open Interest: 284,000 lots

• SHFE Copper (2507) opened at ¥78,050/mt, reaching a high of ¥78,220/mt and a low of ¥77,960/mt. It rebounded slightly before closing at ¥78,140/mt, down 0.08%.

• Trading Volume: 26,000 lots

• Open Interest: 191,000 lots

*Aluminum*

• SHFE Aluminum (2507) opened at ¥20,030/mt, hit a high of ¥20,125/mt, a low of ¥20,025/mt, and closed at ¥20,110/mt.

• Trading Volume: 43,000 lots

• Open Interest: 189,000 lots

• LME Aluminum opened at $2,485/mt, reached a high of $2,490/mt, a low of $2,483/mt, and settled at $2,489/mt.

*Lead*

• LME Lead opened at $1,985/mt. It moved higher during the Asian session, dipped during early European hours, then rallied to a high of $1,994.5/mt, before retreating to a low of $1,979.5/mt and closing at $1,984/mt, down $2/mt (0.1%).

• SHFE Lead (2507) opened at ¥16,680/mt, consolidated near ¥16,700/mt, rallied to a high of ¥16,765/mt, and closed at ¥16,725/mt, up ¥90/mt (0.54%).

*Zinc*

• LME Zinc opened at $2,706/mt, rose to a midday high of $2,730/mt, but later fell to a low of $2,692/mt, settling at $2,704/mt, down $7.5/mt (0.28%).

• Trading Volume: 9,128 lots

• Open Interest: 213,000 lots (↓ 521 lots)

• SHFE Zinc (2507) opened at ¥22,380/mt, dipped to a low of ¥22,285/mt, then rebounded to a high of ¥22,385/mt, closing at ¥22,380/mt, down ¥40/mt (0.18%).

• Trading Volume: 63,797 lots

• Open Interest: 121,000 lots (↓ 3,425 lots)

*Nickel*

• SHFE Nickel (2507) opened lower but closed higher in the night session at ¥121,860/mt, up 0.25%. It continued strengthening during the day, closing at ¥122,700/mt by 11:30, up 0.94%.