*Base Metal Overnight Update*

Advisory Bazaar Info Services

🔹 Copper Futures:

Overnight, LME copper opened at $13,958.5/mt and declined in early trade to touch $13,901/mt. Later, prices gradually moved higher to reach $14,106.5/mt before witnessing volatility and finally closing at $14,080/mt, up 1.15%. Trading volume stood at 25,800 lots, while open interest increased by 1,127 lots to 273,000 lots, indicating fresh long positions.

The most-traded SHFE Copper 2606 contract opened at 107,000 yuan/mt and dipped to 106,840 yuan/mt in early trade. Prices later recovered to touch 109,470 yuan/mt before easing lower to settle at 107,720 yuan/mt, up 0.93%. Trading volume was 84,300 lots, while open interest fell by 1,769 lots to 205,000 lots, indicating short covering.

🔹 Aluminum Futures:

The most-traded SHFE Aluminum 2606 contract closed at 24,640 yuan/mt, up 0.33%. Prices remained above MA5, MA10, and MA60, but below MA3, suggesting short-term support with resistance near MA30. MACD remained in negative territory, indicating weakening bearish momentum. The suggested core trading range is 24,000–25,200 yuan/mt.

LME Aluminum 3M closed at $3,586.5/mt, up 0.34%, trading sideways. Prices stayed above all key moving averages, reflecting a bullish undertone, though MACD signals showed weakening upward momentum. The suggested core range is $3,500–3,660/mt.

🔹 Lead Futures:

LME lead opened at $1,987/mt and declined to $1,972.5/mt during Asian trade. Supported by concerns over ore supply disruptions due to Peru’s energy shortages, prices rallied during European hours to touch $1,998/mt before settling at $1,997.5/mt, up 0.45%.

The SHFE Lead 2606 contract opened at 16,595 yuan/mt, touched a high of 16,605 yuan/mt, then weakened to settle at 16,525 yuan/mt, down 0.33%, marking its fifth consecutive decline.

🔹 Zinc Futures:

LME zinc opened at $3,482/mt and briefly dipped to $3,457/mt before strong buying support pushed prices higher throughout the session. It touched a high of $3,542.5/mt and settled at $3,532.5/mt, up $50.5/mt or 1.45%. Open interest rose by 727 lots to 242,000 lots.

The most-traded SHFE Zinc 2606 contract opened sharply higher at 24,620 yuan/mt and quickly rose to 24,820 yuan/mt before losing momentum and moving sideways. It finally settled at 24,640 yuan/mt, up 260 yuan/mt or 1.07%. Open interest increased by 2,742 lots to 90,915 lots.