*Base Metal Overnight Update*
Advisory Bazaar Info Services
🔶 Copper – Futures
LME copper opened overnight at $12,845/mt, initially dipped to $12,792/mt, then rallied sharply. Prices fluctuated in a range after holding gains and briefly moved above $13,090/mt near the end of the session, finally closing at $13,087.5/mt, up 5.03%, marking a fresh record high.
Trading volume rose by 25,403 lots to 37,000 lots, while open interest increased by 3,352 lots to 339,000 lots, mainly driven by fresh long additions.
The most-traded SHFE copper 2602 contract opened at 100,890 yuan/mt, touched a low of 100,780 yuan/mt early on, then moved higher, hitting a high of 102,810 yuan/mt before turning rangebound. It finally closed at 102,650 yuan/mt.
🔶 Aluminum – Futures
LME aluminum opened at $3,024/mt, reached a high of $3,093/mt, touched a low of $3,023.5/mt, and closed at $3,090/mt, up 2.28%.
Trading volume increased by 17,710 lots to 38,800 lots, while open interest fell by 2,431 lots to 682,000 lots.
During the January 5 night session, the most-traded SHFE aluminum 2602 contract opened at 23,560 yuan/mt, hit a high of 24,280 yuan/mt and a low of 23,500 yuan/mt, finally closing at 24,165 yuan/mt, up 520 yuan/mt (+2.20%).
🔶 Lead – Futures
Overnight, LME lead opened at $2,008/mt and remained firm. A post-holiday decline in LME inventories pushed prices higher, trading above all key moving averages. Prices reached $2,030.5/mt, the highest in nearly 1.5 months, before closing at $2,029.5/mt, up 1.78%.
The most-traded SHFE lead 2602 contract opened at 17,385 yuan/mt. Limited post-holiday inventory buildup and resumption of downstream procurement kept prices elevated. The contract mainly traded between 17,400–17,450 yuan/mt, finally closing at 17,455 yuan/mt, up 0.32%. Open interest rose by 1,858 lots to 49,402 lots.
🔶 Zinc – Futures
LME zinc opened at $3,139.5/mt, briefly dipped to $3,136/mt, then climbed steadily to a high of $3,213.5/mt, closing at $3,208/mt, up $81/mt (+2.59%).
Trading volume increased to 94,523 lots, while open interest rose by 1,084 lots to 231,000 lots.
The most-traded SHFE zinc 2602 contract opened at 23,775 yuan/mt. Early long additions pushed prices to 24,150 yuan/mt. Late profit-booking led to a mild pullback, with the contract closing at 24,030 yuan/mt, up 210 yuan/mt (+0.88%). Open interest increased by 4,728 lots to 94,670 lots.
🔶 Tin – Futures
The most-traded SHFE tin SN2602 contract opened slightly lower, then rebounded and moved sideways near 336,000 yuan/mt, finally closing at 335,950 yuan/mt, up 1.05%.
🔶 Magnesium Raw Materials
• Dolomite (1–3 cm, Wutai, ex-factory, excl. tax): 108 yuan/mt (unchanged)
• Dolomite (2–4 cm, Wutai, ex-factory, excl. tax): 128 yuan/mt (unchanged)
• 75% Ferrosilicon (Shaanxi, mainstream ex-factory): 5,600–5,650 yuan/mt