🔔 *Base Metal Overnight Update*
Advisory Bazaar Info Services
Copper:
Overnight, LME Copper opened at $13,104.5/mt and moved lower to a low of $13,003.5/mt. Later, prices recovered and touched a high of $13,096.5/mt before closing at $12,919/mt, up 1.37%. Trading volume declined by 9,254 lots to 22,000 lots, while open interest increased by 1,035 lots to 304,000 lots, indicating overall long position buildup.
The most-traded SHFE Copper Apr (2604) contract opened at 101,430 yuan/mt, dipped to 101,200 yuan/mt, and later climbed to a high of 101,930 yuan/mt before settling at 101,860 yuan/mt, up 0.7%. Trading volume fell by 88,000 lots to 28,000 lots, while open interest decreased by 1,780 lots to 193,000 lots, indicating short covering.
Aluminum:
LME Aluminum closed at $3,342.5/mt, down 1.34%, slipping below MA5 but still trading above MA10, MA30, and MA60. The bullish structure remains, though upside momentum has slightly weakened.
Suggested trading range: $3,320–$3,370/mt.
SHFE Aluminum closed at 24,880 yuan/mt in the night session, down 1.31%, near the MA5 (24,884) level. Prices remain above MA10, MA30, and MA60, indicating the medium-term bullish trend remains intact.
The suggested trading range for SHFE Aluminum is 24,500–25,200 yuan/mt.
Lead:
LME Lead opened at $1,934.5/mt, traded sideways initially, and later touched $1,946/mt before closing at $1,945/mt, up $14/mt (0.73%).
The most-traded SHFE Lead contract opened lower at 16,605 yuan/mt, rose to 16,680 yuan/mt, and finally settled at 16,665 yuan/mt, down 25 yuan/mt (-0.15%).
Zinc:
LME Zinc opened at $3,336.5/mt, touched a high of $3,386/mt, and later closed at $3,342/mt, up $16/mt (0.48%). Trading volume declined to 98,167 lots, while open interest slipped to 216,000 lots.
SHFE Zinc Apr (2604) opened at 24,460 yuan/mt, touched 24,500 yuan/mt, and later closed at 24,425 yuan/mt, up 10 yuan/mt (0.04%). Trading volume fell to 31,673 lots, while open interest increased to 75,180 lots.
Nickel:
The most-traded SHFE Nickel (2605) contract traded lower and closed the morning session at 136,870 yuan/mt, down 0.9%.
Tin:
The most-traded SHFE Tin contract fluctuated around the 400,000 yuan/mt level during the night session and closed at 397,960 yuan/mt, up 0.61%.