*Base Metal Overnight Update*

Advisory Bazaar Info Services

🔶 Copper Futures:

LME copper opened at $13,380.5/mt overnight and traded near the higher range initially, touching an intraday high of $13,449.5/mt before witnessing profit-booking pressure. Prices later slipped to a low of $13,283/mt and finally settled at $13,323.5/mt, down 0.51%. Trading volume stood at 17,000 lots, while open interest increased by 4,370 lots to 272,000 lots, indicating fresh short positions in the market.

The most-traded SHFE Copper 2606 contract opened at 103,300 yuan/mt and briefly moved higher to 103,400 yuan/mt before weakening gradually. The contract touched a low of 102,580 yuan/mt and finally closed at 102,720 yuan/mt, down 0.27%. Trading volume stood at 37,700 lots, while open interest declined by 2,022 lots to 197,000 lots, mainly due to long liquidation.

🔶 Aluminum Futures:

The most-traded SHFE Aluminum 2606 contract settled at 24,410 yuan/mt, up 0.12%. Prices remained below MA5 (24,513) and MA10 (24,692), indicating near-term resistance, while staying above medium-term support levels. MACD indicators continued to reflect bearish momentum. The suggested trading range for SHFE aluminum is 24,100–24,800 yuan/mt.

LME Aluminum 3M closed at $2,482.5/mt, down 0.21%, amid sideways movement. Prices remained below short-term moving averages, while long-term support stayed intact. MACD indicators signaled weakening bullish momentum with a bearish crossover formation. The suggested trading range for LME aluminum is $2,400–2,560/mt.

🔶 Lead:

Overnight, LME lead opened at $1,977/mt and maintained positive momentum during the session, supported by continued overseas lead ingot destocking. During European trading hours, prices touched $1,990/mt, marking the highest level since late February. However, renewed Middle East tensions triggered profit-booking across non-ferrous metals, dragging prices lower. LME lead finally settled at $1,977.5/mt, up 0.23%.

The most-traded SHFE Lead 2606 contract opened at 16,825 yuan/mt. Domestic production cuts and weak seasonal demand kept the market range-bound, with prices fluctuating between 16,775–16,800 yuan/mt before settling at 16,785 yuan/mt, down 0.36%. Open interest declined slightly by 300 lots to 65,576 lots.

🔶 Zinc:

LME zinc opened at $3,397.5/mt and initially traded lower to an intraday low of $3,392.5/mt. Later, fresh buying interest lifted prices sharply to a high of $3,461/mt. Towards the close, prices eased slightly but still settled higher at $3,447/mt, up 1.10%. Trading volume increased to 87,481 lots, while open interest rose by 892 lots to 237,000 lots.

The most-traded SHFE Zinc 2606 contract opened higher at 24,350 yuan/mt and briefly touched 24,410 yuan/mt before facing resistance. Prices later slipped below the daily average line and touched a low of 24,280 yuan/mt before closing at 24,315 yuan/mt, up 0.12%. Trading volume declined to 41,272 lots, while open interest increased by 895 lots to 90,766 lots.