*Base Metal Overnight Update*
Advisory Bazaar Info Services
🔶 Copper
LME copper opened at $12,794/mt and dipped to $12,734/mt early in the session. Prices later strengthened and touched $12,968/mt near the close before settling at $12,919/mt, up 0.39%. Trading volume increased to 31,000 lots while open interest declined to 303,000 lots, indicating overall short covering by bears.
The most-traded SHFE Copper April contract opened at 100,230 yuan/mt, touched a low of 100,050 yuan/mt and later rallied to 101,250 yuan/mt before closing at 101,160 yuan/mt, up 1.28%. Open interest also declined, reflecting position reduction by bears.
🔶 Aluminum
LME aluminum closed at $3,388/mt. Although prices remain above key moving averages, the close below MA5 suggests short-term resistance.
The most-traded SHFE Aluminum April contract closed at 24,850 yuan/mt, remaining well above key moving averages such as MA30 (24,251) and MA60 (23,585), suggesting the medium- to long-term uptrend remains intact. However, MACD signals indicate possible weakening momentum if the histogram starts contracting.
📊 Trading Range:
SHFE Aluminum: 24,500 – 25,100 yuan/mt
LME Aluminum: $3,350 – $3,420/mt
🔶 Lead
LME lead opened at $1,940/mt and traded higher during the Asian session before weakening in the European session. It touched an intraday low of $1,927.5/mt and finally settled at $1,931/mt, down 0.77%.
SHFE Lead April contract opened at 16,710 yuan/mt, reached 16,750 yuan/mt early, but later weakened and closed at 16,720 yuan/mt, down 0.21%.
🔶 Zinc
LME zinc opened at $3,313/mt and dipped to $3,282/mt before rising to a high of $3,367/mt. Prices later pulled back but recovered slightly to close at $3,326/mt, up 0.09%.
SHFE Zinc April contract opened at 24,505 yuan/mt and touched 24,525 yuan/mt before easing due to profit-taking. It later rebounded and closed at 24,425 yuan/mt, up 0.02%.
🔶 Nickel
SMM #1 refined nickel prices rose by 2,700 yuan/mt from the previous session. Spot premium for Jinchuan nickel averaged 6,650 yuan/mt, slightly lower than the previous day.
🔶 Tin
The most-traded SHFE tin contract rebounded strongly in the night session and surged late in trading to close at 397,630 yuan/mt, up 3.51%.