*BASE METAL UPDATE* —

Advisory Bazaar Info Services

Copper – Futures:

LME copper opened at $11,536.5/mt overnight, moved sideways initially, touched a high of $11,550.5/mt, then dropped sharply to $11,446/mt, and finally closed at $11,470/mt, down 1.76%. Trading volume stood at 23,000 lots, with open interest at 342,000 lots.

The most-traded SHFE copper (2601) contract opened at 91,400 yuan/mt, hit a high of 91,610 yuan/mt, then declined to 90,710 yuan/mt, and closed at 91,020 yuan/mt, down 1.13%, with 73,000 lots of trading volume and 201,000 lots of open interest.

Aluminum – Futures:

SHFE aluminum closed at 21,835 yuan/mt, down 0.70%. Prices fluctuated around the short-term moving averages MA5 and MA10 (~21,829) but remained below the long-term MA60 (21,839), reflecting a bearish trend.

MACD shows DIF (-2.2182) and DEA (-2.6824) below zero, while the histogram turned positive (0.9285), indicating easing downside momentum.

Expected SHFE range: 21,700–22,100 yuan/mt.

LME aluminum closed sharply lower at $2,845.5/mt, down 1.42%. Prices fell below all key moving averages, with MA5 and MA60 forming strong resistance.

MACD showed mixed signals with DIF (1.7819) and DEA (-1.9974), while a positive histogram suggests near-term volatility. Market participation weakened significantly.

Expected LME range: $2,830–$2,900/mt.

Lead – Futures:

LME lead opened at $2,001.5/mt and moved lower throughout the session, breaking below $2,000/mt and touching a low of $1,975/mt. It finally closed at $1,976.5/mt, down 1.1%, pressured by a stronger U.S. dollar.

SHFE lead (2601) opened at 17,125 yuan/mt and extended losses due to weaker LME cues and sluggish domestic spot activity. It touched 17,015 yuan/mt, nearly breaking the 17,000 mark, and closed at 17,025 yuan/mt, down 1.22%, with open interest falling by 141 lots to 40,479 lots.

Zinc – Futures:

LME zinc opened at $3,127/mt, briefly hitting the same high before facing selling pressure and trending downward. Bulls attempted to lift prices during European hours, but momentum faded. It touched a low of $3,086/mt and closed at $3,089/mt, down 1.33%.

Trading volume dropped to 123,000 lots, while open interest rose by 2,111 lots to 222,000 lots.

SHFE zinc (2601) opened higher with a gap at 23,120 yuan/mt, tested an early-session high, but later retreated as long positions unwound. It touched 22,970 yuan/mt and closed at 22,985 yuan/mt, down 0.37%.

Trading volume declined to 60,379 lots, and open interest fell by 5,536 lots to 95,718 lots.

Nickel – Futures:

The most-traded SHFE nickel (2601) contract opened lower and continued trending down during the night session, breaking below 117,000 yuan/mt. It closed down 1.23%.

After the morning open, it traded in a narrow range and finally settled at 116,920 yuan/mt, down 0.70%.