🔧 Base Metal Update -

Copper:

Overnight, LME copper opened at $9,643.5/mt, touched a low of $9,615.0/mt and a high of $9,697.0/mt, and finally settled at $9,694.5/mt, up 0.35%. Trading volume was 13,137 lots, and open interest stood at 286,663 lots. In terms of trend, prices first fluctuated downward before rebounding and closing near the high.

On the SHFE, the copper 2507 contract opened at 78,340 yuan/mt, hit a low of 78,200 yuan/mt and a high of 78,460 yuan/mt, and closed at 78,450 yuan/mt, up 0.15%. Trading volume was 13,276 lots, and open interest stood at 154,041 lots. Prices dipped initially and then moved up, fluctuating at relatively higher levels.

Aluminum:

Last night, the most-traded SHFE aluminum 2508 contract opened at 20,415 yuan/mt, touched a high of 20,450 yuan/mt and a low of 20,325 yuan/mt, and closed at 20,445 yuan/mt. Trading volume reached 45,000 lots, and open interest was 256,000 lots.

LME aluminum opened at $2,588/mt, fluctuated between a low of $2,564.5/mt and a high of $2,588/mt, and finally closed at $2,578/mt.

Lead:

LME lead opened at $1,992.5/mt. During the Asian session, prices declined before rebounding. In the European session, the uptrend continued, reaching a high of $2,010.5/mt and closing at $2,007/mt, up $12/mt or 0.6%.

On the SHFE, the lead 2507 contract opened at 16,925 yuan/mt. After consolidating near the daily moving average, it dipped to 16,870 yuan/mt before rising to a high of 16,950 yuan/mt and closing at 16,905 yuan/mt, up 35 yuan/mt or 0.21%.

Zinc:

Overnight, LME zinc opened at $2,644.5/mt. It dipped early to $2,628/mt, but buying interest pushed it higher through the session to a high of $2,690/mt, finally closing at $2,686/mt, up $37/mt or 1.40%. Trading volume rose to 12,083 lots, and open interest increased by 1,944 lots to 210,000 lots.

On the SHFE, the most-traded zinc 2508 contract opened at 21,875 yuan/mt. It traded sideways early, then climbed to a high of 22,030 yuan/mt, closing at 21,995 yuan/mt, up 215 yuan/mt or 0.99%. Trading volume declined to 95,930 lots, while open interest rose by 7,042 lots to 118,000 lots.

Nickel:

The most-traded SHFE nickel 2507 contract opened at 118,190 yuan/mt, down 590 yuan from the previous settlement. It remained weak during the session and closed at 117,100 yuan/mt at midday, down 1,680 yuan/mt or 1.41%.

Tin:

The most-traded SHFE tin 2507 contract fluctuated upward and remained at elevated levels, closing near 263,000 yuan/mt — slightly higher than the previous trading session.