🔷 Base Metal Overnight Update

Advisory Bazaar Info Services

Copper:

LME copper opened at $11,093.5/mt overnight. After moving sideways initially, prices rose to a high of $11,200/mt, then fell sharply to a low of $11,049/mt near the close, finally settling at $11,090/mt, up 0.55%.

Trading volume stood at 29,000 lots, and open interest was 328,000 lots.

On SHFE, the most-traded 2512 copper contract opened at 88,780 yuan/mt, touched a low of 88,520 yuan/mt, then climbed to a high of 89,270 yuan/mt, and finally settled at 89,130 yuan/mt, up 1.23%.

Trading volume was 109,000 lots, and open interest reached 292,000 lots.

Aluminium:

During the night session on October 29, the most-traded SHFE aluminium contract opened at 21,290 yuan/mt, reached a high of 21,360 yuan/mt and a low of 21,245 yuan/mt, and finally closed at 21,315 yuan/mt, up 0.09%.

Technically, the MA averages remain in bullish alignment (MA5: 21,250 > MA10: 21,251 > MA20: 21,116 > MA60: 20,939), while the MACD 4-hour chart maintains a golden cross pattern (DIFF: 104.77, DEA: 93.45).

The overall trend remains upward, with resistance at 21,350–21,550 and support at 20,650–20,850.

Lead:

LME lead opened at $2,023/mt and moved higher to an intraday high of $2,034.5/mt before retreating as the US dollar strengthened after the Fed’s rate cut. It closed at $2,019/mt, down 0.3%, snapping an eight-day winning streak.

The most-traded SHFE lead 2512 contract opened at 17,360 yuan/mt and consolidated narrowly between 17,350–17,400 yuan/mt, forming a doji pattern.

Open interest fell by 1,303 lots to 72,215 lots.

Zinc:

LME zinc opened at $3,051/mt, fluctuated briefly, rose to a high of $3,094.5/mt, and closed at $3,070/mt, up 0.44%.

Trading volume declined to 10,629 lots, and open interest dropped by 1,275 lots to 221,000 lots.

On SHFE, the most-traded 2512 zinc contract opened higher with a gap at 22,490 yuan/mt, fluctuated during the session, and closed at 22,455 yuan/mt, up 25 yuan/mt (0.11%).

Trading volume fell to 47,030 lots, while open interest increased by 1,081 lots to 120,000 lots.

Tin:

The most-traded SHFE tin (SN2511) contract opened slightly lower and remained subdued throughout the session, closing at 285,420 yuan/mt, down 0.29% from the previous day.