Base Metal Overnight Update

Advisory Bazaar Info Services LLP

🟠 Copper:

LME copper rallied 1.71% to close at $13,481/mt, supported by fresh bullish buying and higher open interest. SHFE Copper (2608) also gained 1.58% to settle at 103,920 yuan/mt, although open interest declined slightly as short positions were reduced. Overall sentiment remains positive with buyers maintaining control.

⚪ Aluminum:

SHFE aluminum (2608) closed 0.20% higher at 23,105 yuan/mt, extending its rebound and trading above key short-term moving averages (MA5, MA10 & MA20). LME aluminum surged 2.29% to $3,210.5/mt, with technical indicators turning bullish after a MACD golden crossover. The short-term outlook has improved, though prices still face resistance from medium- and long-term moving averages.

🔵 Lead:

LME lead ended marginally higher by 0.19% at $1,894.5/mt after a volatile session. SHFE lead (2608) slipped 0.62% to 16,040 yuan/mt as selling pressure persisted in the domestic market.

🟢 Zinc:

LME zinc climbed 2.49% to $3,616/mt as short covering lifted prices. SHFE zinc (2608) also advanced 0.48% to 24,915 yuan/mt, supported by fresh long additions, indicating improving market sentiment.

🟣 Nickel:

SHFE nickel (2609) rose 1.10% to 128,370 yuan/mt. Improving macro sentiment continues to support prices, with nickel expected to trade in the 125,000–135,000 yuan/mt range in the near term.

⚫ Tin:

SHFE tin (2608) remained firm, consolidating near 415,000 yuan/mt, reflecting steady buying interest at higher levels.

📌 Market Outlook:

Base metals traded broadly higher overnight, supported by improving global risk sentiment, strong buying interest, and short covering. Copper, aluminum, and zinc led the gains, while lead remained under pressure. Overall, the near-term outlook for industrial metals remains cautiously positive, although investors will continue to monitor macroeconomic data and global developments for further direction.