*Base Metal Overnight Update*

Advisory Bazaar Info Services

🔶 Copper:

Overnight, LME copper opened at $13,044/mt. Prices touched a high of $13,063.5/mt in early trade but later declined to a low of $12,929/mt and finally settled at $12,948.5/mt, down 0.77%. Trading volume decreased by 235 lots to 17,000 lots, while open interest increased by 279 lots to 304,000 lots, indicating fresh short positions in the market.

The most-traded SHFE copper 2604 contract opened at 101,240 yuan/mt. After touching the same level as the day’s high, prices declined to 100,560 yuan/mt and closed at 100,860 yuan/mt, down 0.15%. Trading volume dropped by 62,000 lots to 26,000 lots, while open interest fell by 3,320 lots to 189,000 lots, suggesting long liquidation.

🔶 Aluminum:

SHFE aluminum closed at 25,325 yuan/mt in the night session, up 0.04%, continuing to consolidate near higher levels. Prices are trading above key moving averages, maintaining a bullish trend.

LME aluminum surged 2.20% to close at $3,533/mt, hitting another record high and strongly breaking above the $3,500 level.

Recommended trading range:

• SHFE Aluminum: 25,100 – 25,500 yuan/mt

• LME Aluminum: $3,500 – $3,560/mt

🔶 Lead:

LME lead opened at $1,937.5/mt and moved within a narrow range. It touched a high of $1,945.5/mt and a low of $1,932/mt, eventually closing at $1,935.5/mt, down 0.15%.

The most-traded SHFE lead contract opened at 16,605 yuan/mt, dipped to 16,550 yuan/mt, and finally closed at 16,595 yuan/mt, down 0.21%.

🔶 Zinc:

LME zinc opened at $3,316/mt and briefly rose to $3,331.5/mt before falling to $3,284/mt. It later recovered slightly and closed at $3,314.5/mt, down 0.03%.

SHFE zinc 2604 contract opened at 24,360 yuan/mt, touched a high of 24,390 yuan/mt, fell to 24,205 yuan/mt, and finally closed at 24,240 yuan/mt, down 0.25%.

🔶 Tin:

The most-traded SHFE tin contract declined sharply during the night session and closed at 387,730 yuan/mt, down 0.65% after falling near 390,000 yuan/mt during the session.