📊 Base Metal Overnight Update

Advisory Bazaar Info Services LLP

🔶 Copper:

LME Copper opened at $13,445/mt, touched a high of $13,571/mt, and settled at $13,479/mt, down 0.04%. The decline in open interest indicates long liquidation.

The most-active SHFE Copper 2608 contract closed at 103,700 yuan/mt, up 0.58%, supported by fresh long positions.

🔶 Aluminium:

The SHFE Aluminium 2608 contract settled at 23,075 yuan/mt, up 75 yuan (+0.33%). Prices remained above the 5-day and 10-day moving averages but below the 30-day and 60-day averages, indicating range-bound trading with overhead resistance.

LME Aluminium closed at $3,158/mt, up 0.02%. The suggested trading range is $3,100–3,200/mt, while SHFE Aluminium is expected to trade between 22,600–23,400 yuan/mt.

🔶 Lead:

LME Lead settled at $1,873/mt, down 1.32%, as geopolitical tensions increased risk-off sentiment.

SHFE Lead 2608 closed at 15,860 yuan/mt, down 0.38%, amid rising inventories and heavy rollover of positions from the 2608 to the 2609 contract.

🔶 Zinc:

LME Zinc ended at $3,567/mt, down 1.23%.

The SHFE Zinc 2609 contract settled at 24,690 yuan/mt, down 0.28%, while open interest increased, indicating fresh participation despite weaker prices.

🔶 Nickel:

The most-active SHFE Nickel 2609 contract traded in a narrow range and closed the morning session at 128,030 yuan/mt, up 0.02%.

🔶 Tin:

The SHFE Tin 2608 contract rose to 414,000 yuan/mt during the night session before retreating to settle at 407,470 yuan/mt, down 1.03%.