🔶 BASE METAL OVERNIGHT UPDATE

Advisory Bazaar Info Services

Copper:

LME copper opened at $10,941.5/mt and touched a low of $10,935/mt before rising to a high of $11,048/mt. It later consolidated sideways and closed at $11,029.5/mt, up 0.26%, with trading volume at 22,000 lots and open interest at 323,000 lots.

The most-traded SHFE copper (2512) opened at 87,220 yuan/mt, rose steadily to a high of 88,120 yuan/mt, and closed at 87,910 yuan/mt, gaining 0.25%. Trading volume stood at 81,000 lots with open interest at 283,000 lots.

Aluminium:

During the night session on October 28, the most-traded SHFE aluminium contract opened at 21,180 yuan/mt, touched a high of 21,280 yuan/mt and a low of 21,155 yuan/mt, before closing at 21,245 yuan/mt, up 0.50%.

Technically, MA indicators remained bullish (MA5 > MA10 > MA20 > MA60), while MACD maintained a golden cross pattern. Aluminium remains in an upward channel with short-term pullback. Resistance is seen at 21,350–21,550, and support at 20,650–20,850.

Lead:

LME lead opened at $2,023.5/mt and fell to $2,010.5/mt during the Asian session due to weak SHFE lead prices. It later rebounded as inventories declined, touching $2,027/mt and closing at $2,025/mt, up 0.07%, marking its eighth consecutive positive close.

SHFE lead (2512) opened lower at 17,315 yuan/mt, dropped to 17,305 yuan/mt, and later consolidated within 17,365–17,405 yuan/mt. It finally closed at 17,370 yuan/mt, down 0.32%, with open interest falling by 839 lots to 76,796 lots.

Zinc:

LME zinc opened at $3,051/mt, dipped to $3,008.5/mt, rebounded to $3,068/mt, and finally closed slightly lower at $3,056.5/mt, down 0.07%. Trading volume increased to 11,155 lots, and open interest rose to 223,000 lots.

SHFE zinc (2512) opened at 22,355 yuan/mt, moved up to a high of 22,435 yuan/mt, and closed at 22,410 yuan/mt, up 0.45%. Trading volume dropped to 54,176 lots, and open interest decreased by 2,163 lots to 119,000 lots.

Nickel:

The most-traded SHFE nickel (2512) opened lower and moved in a narrow range during the night session, closing down 0.2%. On October 29 morning, prices extended losses, trading at 120,780 yuan/mt at midday, down 0.29%.

Tin:

The most-traded SHFE tin (SN2511) opened higher and remained strong throughout the session, closing at 286,460 yuan/mt, up 0.56% from the previous trading day.