📌 *Base Metal Overnight Update*

Advisory Bazaar Info Services

🔹 Copper Futures:

Overnight, LME copper opened at $12,818/mt, tested an early high of $12,913/mt, then the price center moved steadily lower, hitting a low of $12,517/mt before consolidating sideways to close at $12,702/mt, down 1.27%. Trading volume declined by 8,314 lots to 35,000 lots, while open interest fell by 4,836 lots to 325,000 lots, mainly due to long liquidation.

The most-traded SHFE copper 2602 contract opened at 101,660 yuan/mt, touched a high of 101,880 yuan/mt, then dropped to a low of 98,780 yuan/mt before settling at 100,310 yuan/mt, down 1.61%. Trading volume decreased by 144,000 lots to 159,000 lots, and open interest declined by 10,421 lots to 194,000 lots, also driven by long liquidation.

🔹 Aluminum Futures:

LME aluminum opened at $3,081/mt, touched a high of $3,102/mt, a low of $3,049/mt, and closed at $3,088/mt, up 0.15%. Trading volume increased to 32,600 lots, while open interest edged down to 687,000 lots.

During the January 8 night session, the most-traded SHFE aluminum 2602 contract opened at 23,895 yuan/mt, hit a high of 23,965 yuan/mt, a low of 23,405 yuan/mt, and closed at 23,710 yuan/mt, down 15 yuan/mt (0.06%).

🔹 Lead Futures:

LME lead opened at $2,055/mt. As funds flowed out of the non-ferrous metals complex, prices trended lower, trading near $2,030/mt during the Asian session. Despite declining inventories in Europe, prices failed to regain $2,050/mt and slid further to close at $2,016.5/mt, down 2.04%.

The most-traded SHFE lead 2602 contract opened at 17,350 yuan/mt, traded weakly between 17,250–17,300 yuan/mt, and closed at 17,290 yuan/mt, down 1.13%. Open interest declined by 1,304 lots to 44,724 lots, indicating fund rollovers toward the 2603 contract.

🔹 Zinc Futures:

LME zinc opened at $3,162.5/mt, rose to $3,186/mt, then weakened to a low of $3,123/mt, closing at $3,131/mt, down 0.92%. Trading volume increased, while open interest declined slightly.

The most-traded SHFE zinc 2602 contract opened at 23,960 yuan/mt, briefly tested 23,990 yuan/mt, then fell to 23,750 yuan/mt amid long liquidation. A reduction in short positions supported a mild rebound, with prices closing at 23,800 yuan/mt, down 0.73%.

🔹 Nickel Futures:

The most-traded SHFE nickel 2602 contract opened lower and extended losses during the night session. After a brief rebound, it closed the morning session at 137,160 yuan/mt, down 4.02%.

🔹 Tin Futures:

The most-traded SHFE tin SN2602 contract fluctuated lower during the night session, closing at 347,430 yuan/mt, down 1.53%. The impact of sudden macro events is expected to remain limited.