*Base Metal Overnight Update*

Advisory Bazaar Info Services

Copper – Futures

• LME Copper:

LME copper opened at $10,937/mt overnight. After hitting an early high of $11,081/mt, it moved lower to a session-end low of $10,844/mt, finally closing at $10,851/mt, down 0.35%.

Trading volume stood at 19,000 lots, with open interest at 321,000 lots.

• SHFE Copper (2512):

SHFE copper opened at 87,650 yuan/mt, touched a high of 87,920 yuan/mt, then drifted downward throughout the session. It hit a low of 87,330 yuan/mt before closing at 87,400 yuan/mt, up 0.08%.

Trading volume was 43,000 lots, and open interest reached 200,000 lots.

Aluminum Alloy – Futures

The most-traded cast aluminum alloy 2601 contract opened at 21,350 yuan/mt, maintained strength, and moved between a high of 21,375 yuan/mt and a low of 21,280 yuan/mt.

It closed at 21,370 yuan/mt, up 30 yuan/mt (0.14%).

• Trading volume: 2,465 lots

• Open interest: 14,988 lots

• The price is nearing the previous resistance zone around 21,400 yuan/mt.

A breakout above this level will determine continuation of the existing bullish trend, though short-term price swings have narrowed. Monitoring open interest changes and resistance performance is key.

Lead – Futures

• LME Lead:

LME lead opened at $2,090/mt.

It held firm during the Asian hours and tested $2,093.5/mt, but weakened in European trading.

Following disappointing US economic data after government reopening, LME lead slipped to $2,073.5/mt, ending 0.81% lower.

• SHFE Lead (2512):

Opened at 17,670 yuan/mt, briefly touched 17,695 yuan/mt, but weakened due to bearish spot fundamentals.

It closed at 17,584 yuan/mt, down 95 yuan/mt (0.54%), forming a small bearish candle without a lower shadow—indicating persistent pressure.

Zinc – Futures

• LME Zinc:

LME zinc opened at $3,072.5/mt, rose to $3,100.5/mt, but bearish activity in the European session pushed it down to $3,038.5/mt.

It later rebounded slightly but closed at $3,040.5/mt, down $31.5/mt (1.03%).

• Trading volume dropped to 121,000 lots

• Open interest increased by 7,364 lots to 228,000 lots, suggesting fresh short positions

• SHFE Zinc (2512):

Opened lower with a gap at 22,700 yuan/mt, briefly jumped to 22,725 yuan/mt, then retreated as bulls exited.

It tested 22,620 yuan/mt before stabilising and closing at 22,635 yuan/mt, down 105 yuan/mt (0.46%).

• Trading volume: 40,145 lots

• Open interest: 103,000 lots (down 281 lots)

Tin – Futures

The most-traded SHFE Tin (SN2512) saw slight cooling in market sentiment during the night session.

Prices declined initially on reduced positions, then moved sideways at elevated levels.

It closed at 294,500 yuan/mt, down 0.74% from the previous day.