*Base Metal Overnight Update*

Advisory Bazaar Info Services

Copper Futures: Last Friday night, LME copper opened at $13,625.5/mt and dipped to $13,584.6/mt in early trading. It later recovered and touched an intraday high of $13,675.7/mt before closing at $13,587/mt, down 0.50%. Trading volume stood at 10,500 lots, while open interest increased by 2,615 lots to 253,000 lots, indicating fresh bearish positions. SHFE copper remained closed due to the holiday.

Aluminum Futures: LME aluminum closed at $3,396.5/mt, down 0.03%, with intraday movement between $3,392.5–3,403.5/mt. Prices remained below all major moving averages, reflecting a weak medium-term trend. Suggested trading range: $3,380–3,420/mt.

SHFE aluminum closed at 23,980 yuan/mt before the holiday, trading below key moving averages (MA5: 24,005, MA30: 24,354.17, MA60: 24,535.42). The moving averages remained in a bearish alignment, signaling continued weakness. MACD indicators also reflected strengthening bearish momentum. Suggested trading range for SHFE aluminum: 23,700–24,200 yuan/mt.

Lead: Last Friday, LME lead opened at $1,979.5/mt. During China’s Dragon Boat Festival holiday, global markets faced renewed volatility as stalled US–Iran talks affected market sentiment. LME lead followed a downward trend throughout the session, touching an intraday low of $1,950/mt and erasing weekly gains before settling at $1,950/mt, down 1.32%. SHFE lead resumed normal trading today after the holiday break.

Zinc Futures: Last Friday, LME zinc opened at $3,627/mt and briefly touched a high of $3,636/mt before weakening. During European trading hours, prices moved near the daily average before accelerating downward in the night session. LME zinc eventually closed at $3,555/mt, down $74.5/mt or 2.05%. Trading volume declined to 9,988 lots, while open interest increased by 7,801 lots to 258,000 lots. SHFE zinc remained closed during the Dragon Boat Festival holiday.