*Base Metal Overnight Update*
Advisory Bazaar Info Services
🔶 Copper Futures
Overnight, LME copper opened at $11,816/mt. After dipping to $11,798/mt in early trade, prices surged to a high of $12,395/mt and finally closed at $12,221/mt, up 3.27%. Trading volume reached 52,000 lots while open interest stood at 292,000 lots, down 944 lots, indicating overall short covering.
The most-traded SHFE Copper 2605 contract opened at 95,010 yuan/mt, touched a high of 95,900 yuan/mt, and later slipped slightly before closing at 93,840 yuan/mt, up 2.12%. Trading volume was 120,000 lots and open interest stood at 198,000 lots, down 6,741 lots, also indicating short covering.
🔶 Aluminum Futures
During the March 23 night session, the most-traded SHFE Aluminum 2605 contract opened at 23,850 yuan/mt, hitting a high of 23,855 yuan/mt and a low of 23,615 yuan/mt, before closing at 23,750 yuan/mt. Open interest stood at 267,000 lots, down 113 lots from the daytime session.
LME aluminum opened at $3,178/mt, touched $3,234.5/mt, and closed at $3,225.5/mt, up 1.05%. Trading volume was 28,487 lots and open interest stood at 677,000 lots.
🔶 Lead Futures
LME lead opened at $1,889/mt, dipped to $1,873.5/mt, and later rebounded strongly to an intraday high of $1,909/mt. It finally closed at $1,898.5/mt, up $9.5/mt or 0.5%, forming a small bullish candlestick.
The most-traded SHFE Lead 2605 contract opened higher at 16,495 yuan/mt, touched 16,510 yuan/mt, and later fluctuated lower to 16,405 yuan/mt before stabilizing and closing at 16,435 yuan/mt, up 40 yuan/mt or 0.24%.
🔶 Zinc Futures
LME zinc opened at $3,040.5/mt and moved rangebound before jumping to a high of $3,183/mt. It finally closed at $3,103/mt, up $47/mt or 1.54%. Trading volume rose to 16,643 lots and open interest increased to 206,000 lots.
The most-traded SHFE Zinc 2605 contract opened at 22,960 yuan/mt, dipped to 22,915 yuan/mt, and later touched 23,150 yuan/mt before closing at 23,075 yuan/mt, up 275 yuan/mt or 1.21%. Trading volume increased to 78,945 lots with open interest at 104,000 lots.
🔶 Tin Futures
The most-traded SHFE Tin contract opened sharply higher in the night session and continued to move upward, closing at 348,950 yuan/mt, up 3.23%.