📌 *Base Metal Update*

*Advisory Bazaar Info Services*

🔹 Copper (Copper Futures)

• LME: Opened at $9,958/mt, dipped to $9,943.5/mt, rebounded to $10,013/mt, then fluctuated lower and closed at $9,974/mt, down 1.41%. Trading volume: 28,000 lots; Open interest: 293,000 lots.

• SHFE (2511): Opened at 79,980 yuan/mt, rose to 80,830 yuan/mt, dropped to 79,670 yuan/mt, then consolidated at higher levels and closed at 79,880 yuan/mt, down 1.08%. Trading volume: 41,000 lots; Open interest: 176,000 lots.

🔹 Aluminum (Cast Aluminum Alloy ad2512)

Opened at 20,400 yuan/mt, touched a high of 20,420 yuan/mt and a low of 20,270 yuan/mt, closing at 20,335 yuan/mt, down 0.61% (125 yuan/mt). Trading volume: 2,661 lots; Open interest: 9,941 lots. Positions mainly reduced by bulls.

🔹 Lead

• LME: Opened at $2,004/mt, fell to $1,995/mt, rebounded to $2,014.5/mt, and closed at $2,005/mt, down 0.07% ($1.5/mt).

• SHFE: Opened at 17,095 yuan/mt, dipped to 17,055 yuan/mt, rebounded near the daily average, and closed at 17,080 yuan/mt, unchanged (0.00%).

🔹 Zinc

• LME: Opened at $2,983.5/mt, touched $2,998.5/mt, then slid to $2,937/mt and closed at $2,943/mt, down 1.39% ($41.5/mt). Trading volume: 14,598 lots; Open interest: 216,000 lots (+229). LME zinc inventory remains tight but risk-off sentiment prevailed despite Fed’s 25 bps rate cut. Outlook: weak, in doldrums.

• SHFE (2511): Opened at 22,215 yuan/mt, plunged to 22,095 yuan/mt, fluctuated around 22,138 yuan/mt, and closed at 22,120 yuan/mt, down 0.74% (165 yuan/mt). Trading volume: 43,725 lots; Open interest: 98,723 lots (+4,580). Domestic surplus pressure persists; zinc ingot export window opening drew attention.

🔹 Tin (SHFE SN2510)

Opened slightly lower, remained weak through the night session, and closed at 271,000 yuan/mt, down 0.73% from the previous trading day.