*Base Metal Overnight Update*

Advisory Bazaar Info Services

Copper Futures:

Overnight, LME copper opened at $12,286.5/mt and moved lower in early trading to a low of $12,212/mt. Prices later rebounded, touching a high of $12,408/mt, before easing to close at $12,348.5/mt, down 0.99%. Trading volume stood at 20,000 lots, while open interest increased by 3,702 lots to 295,000 lots.

The most-traded SHFE 2605 copper contract opened at 95,660 yuan/mt, dipped to 95,300 yuan/mt, and later climbed to a high of 96,680 yuan/mt. It eventually settled at 96,150 yuan/mt, down 0.08%. Trading volume was 36,500 lots, while open interest fell by 1,608 lots to 181,000 lots, mainly due to long liquidation.

Aluminium Futures:

In the night session on April 2, the SHFE 2605 aluminium contract opened at 24,545 yuan/mt, hit a high of 24,795 yuan/mt and a low of 24,500 yuan/mt, before closing at 24,710 yuan/mt, down 10 yuan/mt (0.04%).

LME aluminium opened at $3,523.5/mt, hit a high of $3,525.5/mt and a low of $3,428.0/mt, and closed at $3,465.5/mt, down 1.76%. Open interest declined by 5,318 lots to 678,000 lots.

Lead Futures:

LME lead opened at $1,931.5/mt and traded in a narrow range during the Asian session. In European trading, prices weakened amid renewed Middle East tensions, briefly falling below key moving averages. However, support from SHFE lead helped prices recover, with LME lead closing at $1,934.5/mt, down 0.23%.

(Note: LME lead is closed today due to Good Friday.)

SHFE 2605 lead opened at 16,680 yuan/mt and remained range-bound between 16,700–16,760 yuan/mt amid a tug-of-war between longs and shorts. It closed at 16,750 yuan/mt, up 0.21%, with open interest down by 554 lots to 56,412 lots.

Zinc Futures:

LME zinc opened at $3,288/mt and trended lower to $3,215.5/mt during European hours. Prices later rebounded to $3,299/mt before settling at $3,256.5/mt, down 0.82%. Open interest rose by 844 lots to 211,000 lots.

SHFE 2605 zinc opened at 23,740 yuan/mt, climbed to 23,815 yuan/mt, but later declined sharply to 23,640 yuan/mt due to long liquidation. It closed at 23,645 yuan/mt, down 0.38%. Open interest increased by 343 lots to 83,944 lots.

Tin Futures:

The most-traded SHFE tin contract opened slightly lower and then moved higher during the session, but eventually closed at 366,040 yuan/mt, down 0.69%.