*Base Metal Update*

Advisory Bazaar Info Services

🔹 Copper – Futures

LME copper opened at $12,405.5/mt, dipped to $12,399/mt early in the session, then gradually moved higher to a high of $12,693.5/mt, finally closing at $12,673.5/mt, up 3.99%. Trading volume stood at 30,300 lots, with open interest at 342,000 lots.

The most-traded SHFE copper 2602 contract opened at 98,520 yuan/mt, rose to 99,470 yuan/mt, then slipped to 98,260 yuan/mt before rebounding to close at 99,220 yuan/mt, up 1.85%. Trading volume was 100,400 lots, and open interest reached 216,000 lots, mainly driven by short covering.

🔹 Aluminum – Futures

LME aluminum closed at $2,986.5/mt, up 1.22%, holding above short-term moving averages. MACD turned slightly positive, indicating improving short-term momentum.

Core trading range: $2,950–3,000/mt

SHFE aluminum closed the night session at 22,615 yuan/mt, up 0.87%. Prices stayed above key moving averages, indicating strong consolidation. MACD remained positive, maintaining a bullish bias.

Core trading range: 22,400–22,800 yuan/mt

🔹 Lead – Futures

LME lead opened at $2,009.5/mt, touched a low of $2,007/mt, then climbed to $2,030/mt before closing at $2,024.5/mt, up 0.77%, marking a four-day winning streak.

SHFE lead 2602 opened at 17,490 yuan/mt, but amid profit booking by bulls, prices declined to 17,330 yuan/mt, closing at 17,365 yuan/mt, down 0.80%, ending a six-day winning streak.

🔹 Zinc – Futures

LME zinc opened at $3,087/mt and steadily moved higher to close at $3,130/mt, up 1.49%. Trading volume declined, while open interest rose to 232,000 lots.

SHFE zinc 2602 opened at 23,360 yuan/mt, rose to 23,455 yuan/mt, but later eased due to weak momentum, closing at 23,400 yuan/mt, marginally up 0.09%.

🔹 Tin – Futures

The most-traded SHFE tin SN2602 contract opened higher, touched 331,900 yuan/mt, then eased slightly and closed at 329,210 yuan/mt, up 1.49%.