*Base Metal Update*
Advisory Bazaar Info Services
🔹 Copper – Futures:
On Friday night, LME copper opened at $10,787.5/mt, moved sideways initially, touched a high of $10,861/mt, but later declined sharply to a low of $10,326/mt before closing at $10,374/mt, down 3.73%. Trading volume stood at 41,000 lots, and open interest was 322,000 lots.
Meanwhile, the most-traded SHFE copper (2511) contract opened at ¥86,600/mt, hit a high of ¥86,770/mt, then moved lower to a low of ¥82,700/mt, and finally settled at ¥83,030/mt, down 4.46%, with 176,000 lots traded and 207,000 lots open interest.
🔹 Aluminum – Futures:
On Friday night, the most-traded cast aluminum alloy (AD2512) futures contract opened at ¥20,560/mt, hit a high of ¥20,630/mt, and closed at the session’s low of ¥20,370/mt, down ¥170/mt (−0.83%) from the previous close. Trading volume was 3,664 lots, and open interest rose to 12,862 lots, with bearish positions increasing.
🔹 Lead – Futures:
During Friday’s Asian session, LME lead traded sideways around the intraday moving average. In the European session, it hit a high of $2,046/mt, then weakened to close at $2,014.5/mt, down $6/mt (−0.30%).
The SHFE lead (2511) contract opened at ¥17,160/mt, dipped to a low of ¥17,095/mt, rebounded to a high of ¥17,290/mt, and finally closed at ¥17,140/mt, up ¥15/mt (+0.09%).
🔹 Zinc – Futures:
On Friday, LME zinc opened at $3,022/mt, climbed to a high of $3,060/mt, but later dropped to a low of $2,970/mt as bulls reduced positions. The contract closed at $2,984.5/mt, down $29.5/mt (−0.98%). Trading volume fell to 117,000 lots, and open interest declined slightly to 220,000 lots.
The most-traded SHFE zinc (2511) contract opened and peaked at ¥22,450/mt, then moved lower to ¥22,100/mt and settled at ¥22,110/mt, down ¥160/mt (−0.72%). Trading volume decreased to 105,000 lots, and open interest dropped by 477 lots to 106,000 lots.
🔹 Tin – Futures:
The most-traded SHFE tin (SN2511) contract witnessed a sharp decline in the night session last week, hitting a low of ¥280,600/mt. Overall, market sentiment remained bearish, with prices pressured by broader weakness across the base metals sector.