📊 *Base Metal Overnight Update*
Advisory Bazaar Info Services
🔶 Copper Futures:
Last Friday evening, LME copper opened at $13,239.6/mt and dipped to $13,220/mt early in the session. Prices then surged to a high of $13,336/mt before easing and finally closing at $13,289/mt, down 0.16%. Trading volume stood at 17,000 lots, while open interest rose by 1,004 lots to 277,000 lots, indicating fresh short positions.
SHFE copper 2606 contract opened at 102,650 yuan/mt, touched a low of 102,600 yuan/mt, and later climbed to 103,120 yuan/mt before settling at 102,780 yuan/mt, down 0.03%. Open interest increased by 249 lots, suggesting bears added positions.
🔶 Aluminum Futures:
LME aluminum closed at $3,602/mt, up 0.31%. Prices remained above key moving averages, though momentum showed signs of weakening.
SHFE aluminum 2606 contract closed at 24,850 yuan/mt, down 0.06%. Prices slipped below key moving averages (MA5, MA10, MA20, MA40) and are now supported only by MA60. Technical indicators show weakening bullish momentum, with MACD forming a bearish crossover.
🔶 Lead Futures:
LME lead opened at $1,950.5/mt and traded in a narrow range before rising to $1,970/mt, supported by inventory drawdowns. It closed at $1,960.5/mt, up 0.67%.
SHFE lead 2606 contract settled at 16,755 yuan/mt, up 0.51%, though open interest declined by 4,365 lots.
🔶 Zinc Futures:
LME zinc opened at $3,451.5/mt and remained volatile. After falling to $3,423/mt, it rebounded to $3,487/mt and closed at $3,462.5/mt, up 0.25%. Open interest increased, indicating active participation.
SHFE zinc 2606 contract closed at 24,330 yuan/mt, up 0.25%, with open interest rising by 2,600 lots.
🔶 Tin Futures:
SHFE tin hovered near highs during the session and closed at 391,510 yuan/mt, up 0.30%.