📌 *BASE METAL OVERNIGHT UPDATE*

Advisory Bazaar Info Services

🔹 Copper – Futures

LME copper opened at $12,415.5/mt. Prices dipped to $12,145/mt early in the session, then recovered to a high of $12,459/mt before easing lower and moving sideways. Copper finally closed at $12,187/mt, up 0.45%. Trading volume stood at 64,600 lots, while open interest rose to 341,000 lots.

The most-traded SHFE copper 2602 contract opened at 97,020 yuan/mt, climbed to 98,400 yuan/mt, but then declined sharply, touching a low of 96,010 yuan/mt near session end. It closed at 96,060 yuan/mt, down 4.38%. Trading volume reached 231,900 lots, while open interest fell by 221,000 lots, indicating long position liquidation.

🔹 Aluminum – Futures

LME aluminum closed at $2,950.5/mt, down 0.20%, trading slightly below major moving averages. Momentum indicators showed mild weakness.

Core range (LME): $2,920 – $2,980/mt

SHFE aluminum closed the night session at 22,320 yuan/mt, down 0.95%. Prices moved in a narrow range around key moving averages, indicating consolidation. MACD histogram turned positive, suggesting weakening downside momentum.

Core range (SHFE): 22,200 – 22,650 yuan/mt

🔹 Lead – Futures

LME lead opened higher at $2,002/mt, climbed to $2,028/mt, then fell sharply during European trading before rebounding on short-covering. It closed at $2,009/mt, up 0.48%, marking a three-day winning streak.

SHFE lead 2602 opened at 17,465 yuan/mt but weakened amid broader non-ferrous selling pressure. It closed at 17,380 yuan/mt, down 0.63%, snapping a five-day rally.

🔹 Zinc – Futures

LME zinc opened at $3,102/mt, rose to $3,146.5/mt, but later slipped on profit booking. It closed at $3,084/mt, down 0.08%. Open interest increased, indicating fresh participation.

SHFE zinc 2602 opened at 23,180 yuan/mt, touched 23,325 yuan/mt, then eased lower and closed at 23,170 yuan/mt, down 0.24%, with a decline in open interest.

🔹 Nickel – Futures

SHFE nickel 2602 declined 0.81% in the night session. However, prices rebounded sharply in the morning, breaking above 130,000 yuan/mt. By midday, nickel was quoted at 132,200 yuan/mt, up 3.71%.

🔹 Tin – Futures

SHFE tin 2602 weakened sharply in the night session, falling to 318,000 yuan/mt before stabilizing. It closed at 319,290 yuan/mt, down 6.73%.

🔹 Magnesium & Raw Materials

• Dolomite (1–3 cm, Wutai, ex-tax): 108 yuan/mt (unchanged)

• Dolomite (2–4 cm, Wutai, ex-tax): 128 yuan/mt (unchanged)

• 75% Ferrosilicon (Shaanxi, ex-factory): 5,600–5,650 yuan/mt