🔹 BASE METALS OVERNIGHT UPDATE🔹

(Advisory Bazaar Info Services)

Copper:

Overnight, LME copper opened at $10,824/mt, touched a low of $10,801/mt early in the session, then rose to a high of $10,871/mt before consolidating sideways, and finally closed at $10,840/mt, down 0.32%. Trading volume stood at 13,000 lots, with open interest at 324,000 lots.

On the SHFE, the most-traded Copper (2512) contract opened at ¥86,590/mt, touched a high of ¥87,050/mt early on, then declined to a low of ¥86,530/mt near the close, and finally settled at ¥86,770/mt, up 0.08%. Trading volume was 31,000 lots, and open interest 205,000 lots.

Aluminum:

The most-traded Cast Aluminum Alloy (2601) contract opened at ¥21,030/mt, fluctuated upward to hit a high of ¥21,160/mt, bottomed at ¥20,995/mt, and finally closed at ¥21,135/mt, up ¥95/mt or 0.45% from the previous close. Trading volume reached 1,907 lots, and open interest stood at 15,104 lots.

Overall, the contract remains in a short-term bullish trend, though RSI indicates near-overbought conditions, suggesting possible short-term consolidation.

Lead:

Overnight, LME lead opened at $2,059/mt, moved lower during the Asian session to a low of $2,047/mt, then rebounded in the European session to a high of $2,067.5/mt, and finally closed at $2,067/mt, up $10.5/mt (0.51%), marking a four-day winning streak.

On the SHFE, the most-traded Lead (2512) contract opened at ¥17,485/mt, dipped to ¥17,440/mt, then climbed to ¥17,570/mt amid short covering, and finally settled at ¥17,520/mt, up ¥30/mt (0.17%), forming a small bullish candlestick.

Zinc:

LME zinc opened at $3,084/mt, briefly rose to $3,088/mt, then declined to $3,046.35/mt during the European session before recovering some losses to close at $3,069/mt, down $16.5/mt (0.53%). Trading volume increased to 14.1k lots, while open interest decreased by 750 lots to 220,000 lots.

On the SHFE, the most-traded Zinc (2512) contract opened at ¥22,565/mt, hit a high of ¥22,685/mt, and finally closed at ¥22,655/mt, down ¥20/mt (0.09%). Trading volume stood at 33,178 lots, with open interest at 107,000 lots.

Tin:

The most-traded SHFE Tin (SN2512) contract witnessed strong buying interest overnight. Prices surged sharply post-opening and maintained high-level consolidation, closing at ¥290,700/mt, up 1.14% from the previous trading day.