*Base Metal Overnight Update*

Advisory Bazaar Info Services

Copper Futures:

Overnight, LME copper opened at $12,093.5/mt. In early trading, prices gradually moved lower and touched a low of $11,754/mt. Later, copper rebounded and reached a high of $12,228.5/mt, before witnessing wide fluctuations and finally closing at $12,211.5/mt, down 1.05%.

Trading volume stood at 46,900 lots, while open interest increased by 239 lots to 288,600 lots.

Overnight, the most-traded SHFE Copper 2605 contract opened at 92,500 yuan/mt. Prices dipped to 91,820 yuan/mt in early trade, then moved higher to a high of 95,530 yuan/mt. The contract fluctuated in a range and finally closed at 94,920 yuan/mt, down 0.91%.

Trading volume was 153,000 lots, while open interest fell by 6,302 lots to 197,000 lots, mainly due to long liquidation by bulls.

Aluminum Futures:

During the night session on March 19, the SHFE Aluminum 2605 contract opened at 23,100 yuan/mt, touched a high of 24,020 yuan/mt, and finally closed at 23,930 yuan/mt, down 250 yuan/mt (-1.03%).

Meanwhile, LME aluminum opened at $3,426/mt, touched a high of $3,432/mt, and dropped sharply to a low of $3,115/mt, finally closing at $3,242/mt, down 5.19%.

Trading volume increased to 65,028 lots, while open interest rose to 689,000 lots.

Lead:

Overnight, LME lead opened at $1,911/mt and traded in the $1,906–1,915/mt range during the morning session. After midday, prices declined sharply to a low of $1,872.5/mt. Later, prices rebounded slightly and closed at $1,897/mt, down $16/mt (-0.84%).

The most-traded SHFE Lead 2605 contract opened at 16,300 yuan/mt, touched a high of 16,480 yuan/mt, and finally closed at 16,435 yuan/mt, up 20 yuan/mt (+0.12%), forming a small bullish candlestick.

Zinc Futures:

Overnight, LME zinc opened at $3,132.5/mt and briefly rose to $3,136/mt. Later, increased selling pressure pushed prices down to $3,125/mt, before closing at $3,073.5/mt, down $59/mt (-1.88%).

Trading volume rose to 18,995 lots, and open interest increased by 607 lots to 209,000 lots.

The most-traded SHFE Zinc 2605 contract opened lower at 22,350 yuan/mt. Bulls added positions during the session, pushing prices up to 22,940 yuan/mt near the close. It finally settled at 22,860 yuan/mt, up 155 yuan/mt (+0.68%).

Trading volume declined to 93,582 lots, while open interest rose to 105,000 lots.

Tin Futures:

The most-traded SHFE tin contract opened sharply lower during the night session and later fluctuated upward, finally closing at 345,820 yuan/mt, down 2.31%.