*Base Metal Overnight Update*

Advisory Bazaar Info Services

Copper – Futures:

LME copper opened at $10,700.5/mt overnight. After brief consolidation early in the session, the price moved downward to test a low of $10,667/mt. It later rebounded to test a high of $10,766/mt, before easing again to close at $10,698/mt, down 0.64%. Trading volume stood at 25,000 lots, while open interest was 320,000 lots.

The most-traded SHFE copper 2601 contract opened at 85,540 yuan/mt, tested a low of 85,510 yuan/mt, then gradually rose to a high of 86,210 yuan/mt. It finally closed at 85,930 yuan/mt, up 0.01%, with trading volume at 37,000 lots and open interest at 177,000 lots.

Aluminum – Futures:

The most-traded cast aluminum alloy 2601 contract opened at 20,720 yuan/mt, touched a low of 20,710 yuan/mt, and closed at 20,765 yuan/mt, up 35 yuan/mt (0.17%). Trading volume was 1,570 lots, and open interest was 13,145 lots.

KDJ indicators show: K = 32.26, D = 53.78, J = –10.77. The J-value entered the oversold zone, indicating a potential short-term rebound, though K and D remain in a downward trend. Any rebound will require strong volume support; otherwise, upside may face pressure near resistance levels.

Lead – Futures:

LME lead opened at $2,039/mt. A strengthening US dollar pressured base metals, extending LME lead’s downtrend. Although a drop in LME inventory briefly supported prices, this failed to sustain momentum. LME lead hit a low of $2,022/mt and closed at $2,027/mt, down 0.56%, marking a four-day losing streak.

The most-traded SHFE lead 2601 contract opened at 17,225 yuan/mt and remained weak amid low downstream demand and limited ingot destocking. It hit a low of 17,190 yuan/mt and closed at 17,195 yuan/mt, down 0.49%, with open interest at 66,869 lots (down 2,257 lots). Watch for support near the 60-day moving average.

Zinc – Futures:

LME zinc opened at $2,987/mt. Early in the session, long liquidation pushed prices down to $2,961/mt. Later, short covering lifted prices to $3,012.5/mt, before closing at $2,990.5/mt, up 0.03%. Trading volume rose to 14,603 lots, while open interest fell by 3,020 lots to 221,000 lots.

The most-traded SHFE zinc 2601 contract opened at 22,325 yuan/mt, also the day’s low. Prices climbed to 22,480 yuan/mt as bulls added positions, but momentum weakened, and the contract closed at 22,385 yuan/mt, up 55 yuan/mt (0.25%). Trading volume dropped to 37,710 lots, while open interest increased by 3,131 lots to 85,504 lots.

Nickel:

The most-traded SHFE nickel 2512 contract opened higher and moved in a narrow range. As of the midday close, it was quoted at 115,620 yuan/mt, up 0.11%.

Tin – Futures:

The most-traded SHFE tin 2512 contract opened slightly higher and remained stable during the session, closing at 291,890 yuan/mt, up 0.68% from the previous close.