*Base Metal Overnight Update*
Advisory Bazaar Info Services
🔶 Copper Futures: Overnight LME copper opened at $13,400.5/mt and touched an early high of $13,462/mt before weakening to $13,328/mt. Later, prices recovered and moved sideways to settle at $13,391.5/mt, up 2.22%. Trading volume stood at 27,000 lots, while open interest increased by 1,485 lots to 268,000 lots, indicating fresh bullish position buildup.
The most-traded SHFE copper 2606 contract opened at 103,350 yuan/mt and briefly touched 103,370 yuan/mt before slipping to 102,850 yuan/mt. Prices later stabilised and moved in a narrow range, closing at 103,160 yuan/mt, up 0.49%. Trading volume was 36,000 lots, while open interest declined by 185 lots to 199,000 lots, mainly indicating short covering.
🔶 Aluminum Futures: The most-traded SHFE aluminum 2606 contract closed at 24,500 yuan/mt in the night session, down 0.77%. Prices slipped below MA5 and MA10, while medium-term support near MA30 and MA60 remained intact. MACD formed a bearish crossover, indicating weakening bullish momentum. Suggested trading range remains 24,100–24,800 yuan/mt.
LME aluminum 3M closed at $3,535.5/mt, marginally higher by 0.06%. Prices continued to move sideways with short-term resistance near MA5 and MA10, while medium-term support stayed firm. MACD also indicated exhaustion in upward momentum. Suggested trading range for LME aluminum is $3,400–3,560/mt.
🔶 Lead: Overnight, LME lead opened at $1,972/mt. Supported by easing Middle East tensions and ongoing market reaction to an ex-China smelter accident, prices climbed to an intraday high of $1,989/mt, the highest level since late February. However, gains eased later in the session, with prices settling at $1,973/mt, up 0.03%.
The SHFE lead 2606 contract opened at 16,970 yuan/mt but came under pressure as domestic lead inventories continued rising and the futures-spot spread widened. Prices later consolidated between 16,850–16,880 yuan/mt before closing at 16,840 yuan/mt, down 0.18%. Open interest declined by 5,756 lots to 65,481 lots.
🔶 Zinc Futures: Overnight, LME zinc opened at $3,365/mt and initially dipped to $3,357/mt before rallying strongly to a high of $3,442/mt. Prices later pared some gains and settled at $3,409.5/mt, up 1.52%. Trading volume increased to 101,000 lots, while open interest rose by 4,648 lots to 236,000 lots, indicating strong participation.
The SHFE zinc 2606 contract opened lower at 24,180 yuan/mt and briefly touched 24,125 yuan/mt before recovering as bears reduced positions. Prices later moved sideways and closed at 24,205 yuan/mt, down 0.19%. Trading volume fell to 37,900 lots, while open interest declined by 1,278 lots to 92,124 lots.
🔶 Tin Futures: The most-traded SHFE tin contract extended its strong upward momentum during the night session, successfully breaking above the 420,000 yuan/mt mark. Prices maintained a firm trend throughout the session and finally settled at 425,160 yuan/mt, registering a sharp gain of 5.01%.