📌 Base Metal Overnight Update

Advisory Bazaar Info Services

🔶 Copper

🔹 LME copper opened at $12,967/mt, touched a high of $12,984/mt, and a low of $12,804/mt.

🔹 It finally settled at $12,901/mt, down 0.76%.

🔹 Trading volume stood at 12,000 lots (down 4,963 lots), while open interest increased to 318,000 lots (+327 lots), mainly due to fresh short positions.

🔹 SHFE copper remained closed due to the Chinese New Year holiday.

🔶 Aluminum

🔹 SHFE aluminum was closed on Feb 23 (Chinese New Year holiday).

🔹 LME aluminum opened at $3,103/mt, hit a high of $3,116/mt, and a low of $3,081/mt.

🔹 It closed at $3,091/mt, down 0.47%.

🔹 Trading volume was 13,100 lots (down 5,459 lots), while open interest rose to 669,000 lots (+1,223 lots).

🔶 Lead

🔹 LME lead opened at $1,964/mt and traded in a rangebound manner.

🔹 It touched a high of $1,968.5/mt and a low of $1,949.5/mt, before closing at $1,952/mt, down 0.74% (-$14.5/mt).

🔹 During the Chinese New Year holiday, LME lead traded between $1,943.5/mt – $1,974/mt.

🔹 As of Feb 23 (18:00), it stood at $1,962.5/mt, down $9.5/mt from the pre-holiday close (Feb 13).

🔹 SHFE lead remained closed for the holiday.

🔶 Zinc

🔹 LME zinc opened at $3,383/mt, reached a high of $3,392/mt, and later dropped to a low of $3,341.5/mt.

🔹 It closed at $3,345.5/mt, down 0.96% (-$32.5/mt).

🔹 Trading volume increased to 5,900 lots, while open interest fell by 1,496 lots to 230,000 lots.

🔹 Technically, LME zinc formed a bearish candlestick but found support near the 5-day moving average.

🔹 Despite low LME zinc inventories, macro uncertainty persisted after the US Supreme Court overturned Trump’s emergency tariff order, followed by fresh tariff announcements, pressuring prices.

📊 Overall Tone: Mixed to weak sentiment across base metals amid macro uncertainty and holiday-thinned liquidity.