Base Metal Overnight Update

Advisory Bazaar Info Services

🔶 Copper Futures

Overnight, LME copper opened at $12,016.5/mt. After dipping to an early low of $11,955.5/mt, prices rebounded sharply to a high of $12,160/mt. Copper then hovered near the highs before closing at $12,092.5/mt, down 1.05%. Trading volume reached 23,000 lots, while open interest stood at 293,000 lots, up by 406 lots from the previous session, mainly reflecting an increase in short positions.

The most-traded SHFE copper 2605 contract opened at 93,600 yuan/mt and briefly touched a low of 93,480 yuan/mt. Prices then moved higher to a high of 94,990 yuan/mt and later fluctuated near the highs, finally closing at 94,670 yuan/mt, up 0.17%. Trading volume was 51,000 lots, with open interest at 198,000 lots, down 533 lots, indicating reduced short positions during the session.

🔶 Aluminum Futures

During the night session on March 24, the most-traded SHFE aluminum 2605 contract opened at 23,655 yuan/mt, reached a high of 23,895 yuan/mt and a low of 23,610 yuan/mt, and finally closed at 23,810 yuan/mt. Open interest stood at 266,000 lots, up by 5,051 lots from the daytime session.

LME aluminum opened at $3,223/mt, touched a high of $3,268/mt and a low of $3,177.5/mt, and closed at $3,245.5/mt, up 0.62%. Trading volume was 25,297 lots (down 3,190 lots), while open interest stood at 681,000 lots (down 3,594 lots).

🔶 Lead Futures

Overnight, LME lead opened at $1,895.5/mt and quickly fell to $1,885.5/mt. Prices then fluctuated within the $1,888–$1,896.5/mt range amid balanced long-short positions and cautious market sentiment. After midnight, prices broke above the earlier range and touched a high of $1,901/mt before closing at $1,898.5/mt, forming a small bullish candlestick.

Meanwhile, the most-traded SHFE lead 2605 contract opened at a low of 16,420 yuan/mt. Prices rose quickly in early trading and fluctuated within the 16,440–16,481 yuan/mt range, showing a tug-of-war between longs and shorts. Volatility narrowed later, with prices stabilizing around 16,455–16,465 yuan/mt. Toward the end of the session, prices briefly rose to 16,500 yuan/mt before closing at 16,470 yuan/mt, up 50 yuan/mt (0.3%).

🔶 Zinc Futures

Overnight, LME zinc opened at $3,095/mt and trended downward along the daily average line. It reached a high of $3,097/mt and later dropped to a low of $3,027/mt before closing at $3,038.5/mt, down $64.5/mt (2.08%). Trading volume fell to 11,298 lots, while open interest increased by 1,768 lots to 208,000 lots.

The most-traded SHFE zinc 2605 contract opened at 22,875 yuan/mt and fluctuated above the daily average line during the session. It touched a high of 22,970 yuan/mt and a low of 22,835 yuan/mt before closing at 22,880 yuan/mt, down 95 yuan/mt (0.41%). Trading volume dropped to 40,787 lots, while open interest increased by 301 lots to 102,000 lots.

🔶 Tin Futures

The most-traded SHFE tin contract opened slightly lower in the night session but later rebounded with upward fluctuations, closing at 348,620 yuan/mt, up 0.81%.