*Base Metal Overnight –*

Advisory Bazaar Info Services

Copper – Futures

LME copper opened at $10,796/mt overnight, initially fluctuating upward to touch a high of $10,817/mt. Later, the price center gradually shifted lower to $10,756.5/mt. It then moved rangebound and finally closed at $10,766.5/mt, down 0.73%. Trading volume was 16,000 lots and open interest stood at 324,000 lots.

The most-traded SHFE copper contract (2512) opened at 86,440 yuan/mt, touched a high of 86,530 yuan/mt, then moved down to 86,160 yuan/mt before closing at 86,320 yuan/mt, down 0.1%, with 20,000 lots traded and 177,000 lots open interest.

Aluminum – Futures

The most-traded cast aluminum alloy contract (2601) opened at 20,930 yuan/mt, fell to 20,810 yuan/mt, and finally closed at 20,850 yuan/mt, down 140 yuan/mt (0.67%) from the previous close.

Trading volume was 2,285 lots and open interest was 13,554 lots.

Short-term price sentiment shifted downward, trading activity weakened, and funds showed a clear wait-and-see approach. The KDJ indicator formed a death cross, with the J-line entering the oversold zone (11.73), indicating ongoing short-term correction pressure but also the potential for a technical rebound.

Prices remain pressured below the 21,000 mark, though tight scrap aluminum supply continues to provide cost-side support. Key support lies at 20,800.

Lead – Futures

LME lead opened at $2,060.5/mt overnight. With the US dollar strengthening, LME lead extended its downward trend, consolidating around $2,025.5/mt.

During the European session, LME lead inventory jumped by over 40,000 mt, further dragging down prices. The intraday low touched $2,035/mt, nearly wiping out all gains accumulated since November. It finally closed at $2,038.5/mt, down 1.33%.

The most-traded SHFE lead contract (2601) opened at 17,365 yuan/mt and declined sharply due to LME weakness and rising domestic visible inventory. The intraday low reached 17,265 yuan/mt, erasing gains made since late October. Prices later found support at the 40-day moving average and closed at 17,275 yuan/mt, down 0.86%.

Open interest increased by 516 lots to 74,069 lots.

Zinc – Futures

LME zinc opened at $3,011/mt, traded along the daily average initially, and briefly rose to $3,038/mt. Later, long position reductions pushed the price down to $2,987/mt, and it finally closed at $2,989.5/mt, down $25/mt (0.83%).

Trading volume dropped to 11,149 lots, with open interest decreasing by 3,059 lots to 224,000 lots.

The most-traded SHFE zinc contract (2512) opened at 22,460 yuan/mt, reached a high of 22,465 yuan/mt, then fell as bulls reduced positions, touching 22,370 yuan/mt. It finally closed at 22,390 yuan/mt, down 75 yuan/mt (0.33%).

Open interest fell by 1,807 lots to 89,643 lots, with trading volume at 35,712 lots.

Tin – Futures

The most-traded SHFE tin contract (SN2512) fluctuated in a narrow range around the 290,000 yuan mark during the night session and finally closed at 290,480 yuan/mt, up 0.19% from the previous trading day.