*Base Metal Overnight Update*
Advisory Bazaar Info Services
🔶 Copper Futures:
Overnight, LME copper opened at $12,257/mt. After dipping to $12,208/mt in early trade, prices moved higher and touched a high of $12,383/mt before closing at $12,283/mt, up 1.58%. Trading volume stood at 23,000 lots, while open interest increased by 3,418 lots to 296,000 lots, indicating fresh long positions.
On SHFE, the most-traded copper 2605 contract opened at 95,950 yuan/mt, dipped to 95,530 yuan/mt, and later climbed to 96,580 yuan/mt. It finally settled at 96,250 yuan/mt, up 1.11%. Trading volume was 51,000 lots, while open interest fell by 2,036 lots to 190,000 lots, mainly due to short covering.
🔶 Aluminum Futures:
In the night session (March 25), SHFE aluminum 2605 opened at 23,890 yuan/mt, hit a high of 23,900 yuan/mt and a low of 23,745 yuan/mt, and closed at 23,820 yuan/mt, down 0.17%. Open interest rose by 1,711 lots to 269,000 lots, suggesting fresh buying at lower levels. RSI recovered to around 50, indicating a neutral-to-slightly positive trend.
LME aluminum opened at $3,260/mt, touched a high of $3,264.5/mt and a low of $3,219/mt, and closed at $3,242/mt, down 0.11%. Trading volume declined, while open interest increased.
🔶 Lead:
LME lead opened at $1,909.5/mt and fell to $1,899/mt in early trade. It later recovered to a high of $1,920/mt and finally closed at $1,911.5/mt, up 0.68%.
SHFE lead 2605 opened at 16,505 yuan/mt, rose to 16,570 yuan/mt, but later slipped below the key support level. It closed at 16,490 yuan/mt, down marginally by 0.03%.
🔶 Zinc Futures:
LME zinc opened at $3,053/mt, dipped to $3,037.5/mt, and then rebounded to close at $3,081/mt, up 1.4%. Open interest increased, indicating fresh buying interest.
SHFE zinc 2605 opened at 23,010 yuan/mt and moved in a narrow range, touching a high of 23,075 yuan/mt and a low of 22,965 yuan/mt. It closed at 23,040 yuan/mt, up 0.46%, with a slight decline in open interest.
🔶 Tin Futures:
The most-traded SHFE tin contract opened slightly higher in the night session and remained range-bound, closing at 354,010 yuan/mt.