📊 *Base Metal Overnight Update*

Advisory Bazaar Info Services

🔶 Copper:

LME Copper settled at $13,334.5/mt, down 0.57%, as long liquidation weighed on prices despite an early rally. SHFE Copper ended 0.14% higher at 103,100 yuan/mt, supported by short covering.

🔶 Aluminum:

SHFE Aluminum gained 0.50% to 23,055 yuan/mt, recovering from recent lows and trading above its short-term moving averages, although the medium-term trend remains weak. LME Aluminum rose 0.84% to $3,139/mt, with improving short-term momentum while the broader bearish trend persists.

🔶 Lead:

LME Lead climbed 0.35% to $1,887.5/mt after strong buying during European trading hours. SHFE Lead advanced 0.79% to 16,030 yuan/mt, supported by firm overseas prices despite weak underlying fundamentals.

🔶 Zinc:

LME Zinc closed 0.22% lower at $3,571/mt after failing to sustain gains above $3,600/mt. SHFE Zinc also eased 0.18% to 24,695 yuan/mt as profit-booking capped the recovery.

🔶 Nickel:

Indonesia’s Excelsior Nickel Cobalt (ENC) HPAL project is expected to produce its first MHP in July and refined nickel in August, adding 72,000 mt of annual nickel capacity. While this supports long-term raw material demand, rising Class 1 nickel supply is expected to increase global oversupply concerns and keep pressure on nickel prices. Meanwhile, Pure Battery Technologies (PBT) plans to invest US$350 million in a ternary cathode precursor plant in Indonesia using domestically produced MHP.

🔶 Tin:

SHFE Tin edged 0.51% higher to 411,440 yuan/mt. Open interest increased, indicating fresh buying interest despite late-session profit-taking.