Base Metal Update

Advisory Bazaar Info Services

Copper

LME copper opened at $9,685/mt overnight, showed significant volatility in early trading, and climbed to a high of $9,708/mt. The price later declined to a low of $9,662.5/mt before fluctuating again and finally closed at $9,674/mt, up 0.41%. Trading volume was 12,000 lots, and open interest stood at 265,000 lots.

On the SHFE, the 2509 copper contract opened at 78,380 yuan/mt, reached an early high of 78,490 yuan/mt, dropped to 78,230 yuan/mt, then rebounded to close at 78,360 yuan/mt, up 0.26%. Trading volume was 17,000 lots, with open interest at 156,000 lots.

Aluminum

The most-traded AD2511 cast aluminum alloy contract opened at 20,160 yuan/mt, hit a high of 20,210 yuan/mt and a low of 20,120 yuan/mt, before closing at 20,175 yuan/mt, up 100 yuan/mt or 0.50%. Trading volume was 916 lots, and open interest stood at 8,456 lots, mainly driven by bullish position increases.

Lead

LME lead opened at $1,976.5/mt and briefly dropped to $1,975.5/mt during the Asian session before rebounding. Fed officials’ dovish remarks weakened the US dollar, boosting prices. In the European session, it rose to a high of $2,002.5/mt and settled at $1,997/mt, up 1.09%.

On the SHFE, the 2509 lead contract opened at 16,880 yuan/mt, reached a high of 16,905 yuan/mt, dropped to 16,825 yuan/mt, and closed at 16,860 yuan/mt, up 0.18%.

Zinc

LME zinc opened at $2,752/mt, dipped to $2,743.5/mt, then gained steadily on bullish activity. It peaked at $2,803.5/mt and consolidated around $2,790/mt, finally closing at $2,795/mt, up $45/mt or 1.64%. Trading volume was 10,643 lots, and open interest rose to 191,000 lots.

On the SHFE, the 2509 zinc contract opened at 22,480 yuan/mt, hit a high of 22,595 yuan/mt, and then dropped due to short entries and long exits, closing at 22,475 yuan/mt, up 145 yuan/mt or 0.65%. Trading volume was 57,407 lots, and open interest increased to 95,844 lots.

Tin

The most-traded SHFE SN2509 tin contract opened higher in the night session but later pulled back, closing at 266,600 yuan/mt, down 0.09% from the previous trading day.