*Base Metal Overnight Update*

Advisory Bazaar Info Services

Copper Futures: Overnight, LME copper opened at $13,250/mt and initially moved lower to a low of $13,222.5/mt. Prices then recovered to a high of $13,304.5/mt before witnessing volatility and finally settled at $13,276/mt, down 0.15%. Trading volume stood at 22,800 lots, while open interest declined by 174 lots to 289,000 lots, indicating long liquidation.

On SHFE, the most-traded copper 2605 contract opened at 102,160 yuan/mt, moved up to 102,450 yuan/mt, then slipped to 101,760 yuan/mt before recovering and closing at 102,060 yuan/mt, down 0.22%. Trading volume was 27,700 lots, with open interest down by 2,533 lots to 157,000 lots, suggesting long unwinding.

Aluminum Futures: SHFE aluminum closed at 25,375 yuan/mt, up 1.85%. Prices remained above key moving averages, indicating a bullish trend. Momentum indicators also support strength, suggesting a short-term positive outlook. Expected trading range: 24,800–25,500.

LME aluminum closed at $3,624/mt, up 1.11%, holding above key averages with strong momentum. Expected range: $3,500–$3,650.

Lead: LME lead opened at $1,936.5/mt and steadily gained to close at $1,966.5/mt, up 1.65%. SHFE lead 2605 contract closed at 16,840 yuan/mt, up 1.05%.

Zinc Futures: LME zinc opened at $3,340.5/mt, touched a low of $3,336.5/mt, and climbed to close at $3,400/mt, up 1.8%. Open interest increased, indicating fresh buying.

SHFE zinc 2605 contract closed at 23,900 yuan/mt, up 0.78%, supported by short covering.

Tin Futures: SHFE tin prices moved lower throughout the session and closed at 387,000 yuan/mt.