📊 *Base Metal Overnight Update*
Advisory Bazaar Info Services
🔶 Copper Futures:
Overnight, LME copper opened at $13,625/mt and traded in a volatile range. Prices initially declined to $13,601/mt before rebounding sharply to an intraday high of $13,671/mt, later settling at $13,610.5/mt, down 0.18%. Trading volume stood at 17,000 lots, while open interest declined by 1,387 lots to 268,000 lots, indicating long liquidation by bulls.
The most-active SHFE copper 2607 contract opened at 104,690 yuan/mt, dipped to 104,560 yuan/mt, and later recovered to touch 105,050 yuan/mt before closing at 104,760 yuan/mt, down 0.39%. Open interest eased marginally, reflecting cautious sentiment and reduced bullish positioning.
🔶 Aluminum Futures: LME aluminum closed at $3,674.5/mt, up 0.51%, maintaining strength at elevated levels. Prices continued to hold firmly above key moving averages, with the overall trend structure remaining bullish. The MACD indicator also sustained a golden cross, supported by expanding red histogram bars, confirming strengthening upward momentum and active bullish participation.
SHFE aluminum closed at 24,560 yuan/mt in the May 26 night session, down 0.04%. Prices traded around the short-term moving averages, with the overall trend still mildly bearish, though downside pressure eased slightly. On the technical front, the MACD indicator formed a golden cross on the 4-hour chart, signaling slowing bearish momentum and gradual recovery in bullish sentiment. However, resistance from higher moving averages continues to cap upside momentum.
🔶 Lead Futures:
Overnight, LME lead opened at $2,011.5/mt and traded in a narrow range. After touching a low of $2,010/mt during Asian hours, prices climbed to an intraday high of $2,022/mt in European trading before settling at $2,015.5/mt, up 0.12%.
The most-traded SHFE lead 2607 contract opened at 16,740 yuan/mt and moved sideways around the intraday average, eventually closing at 16,745 yuan/mt, down 0.06%.
🔶 Zinc Futures:
LME zinc opened at $3,559/mt and initially gained on fresh bullish buying, touching a high of $3,598/mt during European trading. However, profit-booking later dragged prices lower, with LME zinc settling at $3,528/mt, down 0.47%. Open interest fell by 1,610 lots, indicating long unwinding.
The SHFE zinc 2607 contract opened at 25,065 yuan/mt and gradually weakened throughout the session, slipping below key averages and touching a low of 24,745 yuan/mt before closing at 24,805 yuan/mt, down 0.72%. Declining open interest reflected cautious market participation.
🔶 Tin Futures:
The most-active SHFE tin contract remained highly volatile during the night session and edged higher toward the close, settling at 424,910 yuan/mt, up 0.37%.