📌 *Base Metal Overnight Update*

Advisory Bazaar Info Services

🔶 Copper Futures:

Last Friday night, LME copper opened at $12,871.5/mt. After trading in a narrow range, it dipped to $12,805.5/mt and later rose to a high of $12,927.5/mt. Finally, it closed at $12,869/mt, up 0.08%.

Trading volume stood at 24,000 lots, down by 3,517 lots from the previous trading day, while open interest increased to 308,000 lots, up 2,377 lots, indicating fresh long positions being added.

The most-traded SHFE copper 2604 contract opened at 100,250 yuan/mt. It fell to an early low of 100,180 yuan/mt, then climbed to a high of 100,820 yuan/mt before closing at 100,250 yuan/mt, down 0.53%.

Trading volume was 69,000 lots (down 58,000 lots), while open interest increased by 1,229 lots to 197,000 lots, reflecting fresh short positions.

🔶 Lead:

Last Friday, LME lead opened at $1,945/mt and moved higher during the Asian session. In the European session, it rose further to $1,955/mt before weakening to $1,937/mt. It later recovered slightly and closed at $1,946/mt, up $2.5/mt (+0.13%).

Overnight, the most-traded SHFE lead contract opened at 16,780 yuan/mt, touched a high of 16,815 yuan/mt, and then moved lower. After hitting a low of 16,730 yuan/mt, it rebounded and closed at 16,765 yuan/mt, unchanged from the previous settlement (0%).

🔶 Zinc:

Last Friday, LME zinc opened at $3,240/mt and initially dipped below $3,221/mt. Later, prices strengthened and surged during the night session, touching above $3,343/mt and finally closing at $3,323/mt, up $93/mt (+2.88%).

Trading volume increased to 121,000 lots, while open interest declined by 516 lots to 219,000 lots.

The most-traded SHFE zinc 2604 contract opened at 24,350 yuan/mt. It initially weakened below 24,220 yuan/mt but later recovered as bears reduced positions, touching above 24,370 yuan/mt and closing at 24,330 yuan/mt, up 70 yuan/mt (+0.29%).

Trading volume decreased to 58,655 lots, and open interest fell by 932 lots to 84,384 lots.

🔶 Nickel:

After the morning open, the most-traded SHFE nickel contract (2605) dropped sharply to a low of 132,000 yuan/mt before rebounding strongly. As of the morning close, it stood at 137,380 yuan/mt, up 0.47%.

A stronger US dollar index and rising geopolitical tensions in the Middle East have triggered risk-off sentiment, weighing on base metal prices. In the short term, SHFE nickel is expected to trade sideways in the range of 130,000–140,000 yuan/mt.

🔶 Tin Futures:

The most-traded SHFE tin contract traded in a narrow range during the night session and closed at 393,190 yuan/mt, up 0.01%.