*Base Metal Overnight Update*
Advisory Bazaar Info Services
Copper Futures: Overnight, LME copper opened at $13,477.5/mt and dipped to an intraday low of $13,461/mt before gradually moving higher to touch $13,676/mt. It finally settled at $13,654.5/mt, up 1.69%. Trading volume stood at 17,000 lots, while open interest declined by 3,375 lots to 273,000 lots, indicating short-covering by bears.
Overnight, the most-traded SHFE copper 2606 contract opened at 103,950 yuan/mt and touched the same level as the session low before steadily rising to a high of 105,190 yuan/mt. The contract closed at 105,030 yuan/mt, up 1.04%. Trading volume stood at 37,000 lots, while open interest fell by 3,198 lots to 133,000 lots, also indicating bears reducing positions.
Aluminum Futures: LME aluminum closed at $3,629/mt, trading above all major moving averages — MA5 at 3,594.9, MA10 at 3,594.2, MA30 at 3,566.68, and MA60 at 3,449.77 — indicating a bullish structure. The MACD indicator showed DIF at 35.33 and DEA at 35.15, with a golden cross emerging and the histogram turning positive at 0.3452, signaling strengthening short-term momentum. The suggested trading range for LME aluminum is $3,600–3,660/mt.
SHFE aluminum closed at 24,510 yuan/mt yesterday, up 0.35%. Prices remained above the MA5 (24,423) but continued to face resistance from MA10 (24,520), MA30 (24,603.83), and MA60 (24,619.33), indicating that the short-term bearish moving average structure has not yet reversed.
The MACD indicator showed DIF at -71.63 and DEA at -45.84, with the death cross continuing. However, the negative histogram narrowed to -51.58, suggesting weakening bearish momentum. Trading volume declined to 41,600 lots, reflecting a cautious market sentiment. The suggested trading range for SHFE aluminum is 24,200–24,700 yuan/mt.
Lead: Overnight, LME lead opened at $1,962/mt and traded sideways during the Asian session within the $1,961–1,965/mt range before edging higher. In the European session, prices briefly dipped and then rallied on fund-driven buying, touching a high of $1,981/mt. LME lead eventually closed at $1,977.5/mt, up $16/mt or 0.82%.
The most-traded SHFE lead 2606 contract opened at 16,506 yuan/mt. After a brief dip, prices moved higher amid strength across the non-ferrous metals complex, reaching a high of 16,640 yuan/mt before closing at 16,630 yuan/mt, up 90 yuan/mt or 0.54%.
Zinc Futures: Overnight, LME zinc opened at $3,513/mt and traded steadily higher throughout the session. It touched an intraday low of $3,499.5/mt and a high of $3,569.5/mt before closing at $3,567.5/mt, up $56.5/mt or 1.61%. Trading volume increased to 9,871 lots, while open interest declined by 2,775 lots to 236,000 lots.
The most-traded SHFE zinc 2607 contract opened at 24,750 yuan/mt and moved higher through the session, touching a high of 24,930 yuan/mt before settling at 24,910 yuan/mt, up 120 yuan/mt or 0.48%. Trading volume declined to 36,655 lots, while open interest increased by 2,294 lots.
Tin Futures: The most-traded SHFE tin contract opened slightly higher during the night session and consolidated at elevated levels, eventually closing at 421,710 yuan/mt, up 3.93%.