*Base Metal Overnight Update*
Advisory Bazaar Info Services
Copper Futures: Overnight, LME copper opened at $13,693.5/mt and slipped slightly in early trade. Prices moved sideways initially before gaining momentum and touching a high of $13,969/mt near the close. It finally settled at $13,920/mt, up 2.84%. Trading volume stood at 26,800 lots, while open interest increased by 1,201 lots to 272,000 lots, indicating fresh bullish positions.
Overnight, the most-traded SHFE Copper 2606 contract opened at 105,500 yuan/mt and touched a low of 105,390 yuan/mt in early trade. Prices then moved steadily higher and hit a high of 107,350 yuan/mt before easing slightly to close at 106,770 yuan/mt, up 2.35%. Trading volume reached 75,900 lots, while open interest rose by 4,829 lots to 209,000 lots, reflecting continued bullish sentiment.
Aluminum Futures: LME Aluminum 3M closed at $3,573.5/mt, down 0.22%, trading in a sideways range. Prices stayed above all key moving averages, suggesting an overall bullish trend. However, the MACD indicator signaled weakening upward momentum. The suggested trading range for LME aluminum is $3,500–3,620/mt.
The most-traded SHFE Aluminum 2606 contract closed at 24,690 yuan/mt, up 0.57%. Prices remained above MA5 (24,554), MA10 (24,614), and MA60 (24,532), but below MA30 (24,753), indicating short-term support while facing resistance near MA30. The MACD indicator showed weakening bearish momentum. The suggested trading range for SHFE aluminum is 24,000–25,200 yuan/mt.
Lead Futures: Overnight, LME lead opened at $1,977/mt and touched a low of $1,970.5/mt during the Asian session before recovering steadily. Strong buying during the European session pushed prices to a high of $1,990/mt, with the contract finally settling at $1,988.5/mt, up 0.56%.
The most-traded SHFE Lead 2606 contract opened at 16,695 yuan/mt and briefly touched a high of 16,710 yuan/mt before weakening. Prices later hit a low of 16,590 yuan/mt and recovered slightly toward the close, settling at 16,655 yuan/mt, down 0.12%, marking its fourth consecutive losing session.
Zinc Futures: Overnight, LME zinc opened at $3,437/mt and moved lower initially, touching a low of $3,405/mt during European trading hours. Fresh bullish positions later pushed prices higher, with LME zinc touching a high of $3,488/mt before closing at $3,482/mt, up $41/mt or 1.19%. Trading volume increased to 11,012 lots, while open interest rose by 1,090 lots to 241,000 lots.
The most-traded SHFE Zinc 2606 contract opened at 24,255 yuan/mt. Supported by fresh buying, prices moved higher and touched a high of 24,550 yuan/mt before closing at 24,445 yuan/mt, up 360 yuan/mt or 1.49%. Trading volume declined to 76,020 lots, while open interest increased by 4,663 lots to 88,353 lots.