*BASE METAL OVERNIGHT UPDATE*

Advisory Bazaar Info Services

Copper – Futures:

LME copper opened at $10,840/mt overnight and moved upward initially to touch a high of $10,949/mt. Later, prices declined steadily, touching a low of $10,810/mt toward the end of the session. LME copper finally closed at $10,832.5/mt, up 0.47%, with 23,000 lots traded and total open interest at 329,000 lots.

The most-traded SHFE copper contract 2601 opened at 86,750 yuan/mt, rose briefly to 87,200 yuan/mt, then moved downward to a low of 86,250 yuan/mt. It eventually consolidated sideways and closed at 86,350 yuan/mt, down 0.08%, with 64,000 lots traded and open interest at 203,000 lots.

Aluminum – Futures:

On the night of November 25, SHFE aluminum 2601 opened at 21,465 yuan/mt, touched a high of 21,520 yuan/mt and a low of 21,385 yuan/mt, finally closing at 21,410 yuan/mt. Price action remained rangebound between 21,350–21,500 yuan/mt, indicating persistent selling pressure. Trading volume dropped to 69,300 lots, down 43,800 lots, while open interest stood at 269,000 lots.

LME aluminum opened at $2,807/mt, reached a high of $2,828/mt and a low of $2,791/mt, and closed at $2,801/mt, down 0.43%. Trading volume was 18,100 lots, with open interest lowering by 2,282 lots to 693,000 lots. LME prices showed an upward attempt but faced resistance.

Zinc – Futures:

LME zinc opened at $3,002/mt and fluctuated around the daily moving average. Prices briefly climbed to $3,020/mt, then retreated to a low of $2,983.5/mt, before rebounding to close at $2,999.5/mt, down 0.12%. Trading volume increased to 9,349 lots, and open interest rose by 2,377 lots to 219,000 lots.

SHFE zinc 2601 opened at 22,340 yuan/mt and initially moved up to 22,425 yuan/mt, but later declined to 22,285 yuan/mt. It recovered slightly and closed at 22,330 yuan/mt, down 30 yuan/mt (0.13%), with trading volume decreasing to 47,867 lots and open interest increasing to 103,000 lots.

Lead – Futures:

LME lead opened at $1,988.5/mt and traded rangebound during Asian hours. In the European session, prices slipped to around $1,980/mt, then rebounded to a high of $1,993.5/mt, finally closing at $1,981.5/mt, down 0.53%.

SHFE lead opened at 17,065 yuan/mt, briefly reached 17,130 yuan/mt, then declined gradually to 17,050 yuan/mt. After rangebound consolidation, it closed at 17,055 yuan/mt, down 10 yuan/mt (0.06%).

Tin – Futures:

The most-traded SHFE tin contract SN2601 opened slightly higher, but then fluctuated lower, consolidating around 294,000 yuan/mt. It closed at 294,710 yuan/mt, down 0.23% from the previous close.