Base Metal Overnight Update

Advisory Bazaar Info Services LLP

🔶 Copper:

LME copper fell 1.74% to $13,566/mt after touching an intraday high of $13,764/mt. Rising open interest indicates fresh bearish positions. SHFE copper (2609) also declined 1.40% to 104,530 yuan/mt, with lower open interest reflecting long liquidation.

🔶 Aluminum:

SHFE aluminum closed nearly flat at 23,280 yuan/mt (-0.02%), holding above key short-term moving averages. MACD remained in a bullish crossover, indicating improving momentum. Recommended trading range: 23,000–23,500 yuan/mt.

LME aluminum slipped 0.19% to $3,184/mt, with short-term support intact but medium-term resistance remaining.

🔶 Lead:

LME lead settled 0.32% lower at $1,887/mt after failing to hold early gains. SHFE lead (2609) dropped 0.88% to 15,765 yuan/mt as long positions were unwound.

🔶 Zinc:

LME zinc eased 0.14% to $3,580/mt after late-session selling pressure. SHFE zinc (2609) closed 0.22% lower at 24,760 yuan/mt following profit booking by bulls.

🔶 Tin:

SHFE tin traded weak throughout the night session, closing lower as prices slipped to an intraday low of 410,000 yuan/mt. Higher trading volume and lower open interest indicate strong bearish sentiment.

Overall Market View:

Base metals ended mostly lower overnight as profit booking and fresh short selling weighed on sentiment. Copper led the decline, while aluminum remained relatively resilient with positive technical momentum.