*Metal Market Update*

Advisory Bazaar Info Services

🔹 Copper – Futures

Due to the Christmas holiday, LME copper remained closed on Friday night. Meanwhile, the most-traded SHFE copper contract (2602) opened lower at 98,310 yuan/mt before prices gradually moved higher. Copper approached 102,660 yuan/mt near the end of the session and finally closed at 101,380 yuan/mt, up 3.33%.

📈 Trading volume increased to 246,000 lots, while open interest rose by 942 lots to 253,000 lots.

🔹 Aluminum – Futures

The SHFE aluminum contract (2602) fluctuated higher during the night session on December 26, closing at 22,520 yuan/mt.

📊 MACD showed weakening downside momentum with the histogram turning positive, indicating short-term strengthening.

➡️ Suggested trading range: 22,100 – 22,700 yuan/mt.

🔹 Lead – Futures

LME lead was closed due to the Christmas holiday. The SHFE lead contract (2602) opened at 17,460 yuan/mt, moved higher amid fluctuations, and touched a high of 17,585 yuan/mt near the close.

✅ It finally settled at 17,585 yuan/mt, up 30 yuan/mt (0.17%), forming a small bullish candlestick.

🔹 Zinc – Futures

LME zinc remained closed last Friday. SHFE zinc (2602) opened at 23,105 yuan/mt and initially hovered around the daily average line. Toward the end of the session, increased long positions pushed prices to 23,300 yuan/mt, followed by profit-taking and a “V-shaped” movement.

📈 Zinc closed at 23,215 yuan/mt, up 85 yuan/mt (0.37%).

📉 Trading volume fell to 94,545 lots, while open interest increased by 1,920 lots to 99,345 lots.

🔹 Nickel – Futures

The most-traded SHFE nickel contract (2602) surged sharply during the night session before pulling back. Prices hovered near 128,000 yuan/mt in the morning.

➡️ By midday, nickel was quoted at 128,570 yuan/mt, up 1.40%.

🔹 Tin – Futures

SHFE tin (SN2602) moved higher during the night session, rising to 349,900 yuan/mt before easing slightly.

📌 It closed at 346,280 yuan/mt, up 2.46% from the previous trading day.

🔹 Magnesium & Ferrosilicon

▪️ Ex-factory (ex-tax) price for 1–3 cm dolomite (Wutai): 108 yuan/mt (unchanged)

▪️ Ex-factory (ex-tax) price for 2–4 cm dolomite (Wutai): 128 yuan/mt (unchanged)

▪️ Mainstream ex-factory price for 75% ferrosilicon (Shaanxi): 5,600 – 5,650 yuan/mt

🔹 Silicon – Spot & Futures

Silicon metal spot prices remained stable last week.

▪️ #553 silicon (East China): 9,200 – 9,300 yuan/mt

▪️ #421 silicon: 9,500 – 9,800 yuan/mt

The most-traded SI futures contract closed at 8,880 yuan/mt, with futures showing mild upward fluctuations.

⚠️ Downstream buyers maintained a wait-and-see stance, and order activity remained subdued.