📌 *Base Metal Overnight Update*
Advisory Bazaar Info Services
🔶 Copper Futures:
Overnight, LME copper opened at $13,146/mt and touched an early high of $13,153/mt. Prices gradually eased to a low of $12,975/mt and finally settled at $13,027.5/mt, up 0.49%. Trading volume increased to 25,000 lots, while open interest stood at 306,000 lots, down by 1,096 lots due to short covering.
The most-traded SHFE Copper 2604 contract opened at 101,640 yuan/mt, rose to 102,080 yuan/mt, then slipped to 101,200 yuan/mt before closing at 101,700 yuan/mt, up 0.45%. Trading volume increased to 44,800 lots, while open interest declined by 213 lots to 195,000 lots, mainly on account of short covering.
🔶 Aluminum Futures:
LME aluminum opened at $3,258/mt, surged to $3,418/mt (highest since April 2022), and settled at $3,335.5/mt, up 1.85%. Trading volume stood at 58,279 lots, with open interest up 1,377 lots to 668,000 lots. LME inventories declined by 425 mt, mainly from Port Klang warehouses.
SHFE Aluminum 2604 opened at 25,100 yuan/mt, hit a high of 25,380 yuan/mt, a low of 24,915 yuan/mt, and closed at 25,145 yuan/mt, up 350 yuan/mt (+1.41%). Night-session open interest rose by 1,977 lots to 265,000 lots.
🔶 Lead Futures:
LME lead opened at $1,937/mt and rebounded amid a softer dollar, closing at $1,962/mt, up 1.32%.
SHFE Lead 2604 opened at 16,775 yuan/mt and traded in a narrow range before closing at 16,860 yuan/mt, up 0.45%. Open interest increased by 415 lots to 60,191 lots.
🔶 Zinc Futures:
LME zinc opened at $3,272.5/mt and strengthened throughout the session, closing at $3,319/mt, up 1.42%. Trading volume fell to 11,839 lots, while open interest declined by 3,402 lots to 223,000 lots.
SHFE Zinc 2604 opened at 24,580 yuan/mt and moved in a limited range before closing at 24,660 yuan/mt, up 0.63%. Trading volume declined to 62,221 lots, with open interest down 3,107 lots to 84,327 lots.
🔶 Tin Futures:
The most-traded SHFE Tin contract opened slightly higher and remained firm, consolidating at elevated levels to close at 406,590 yuan/mt, up 2.84%.