Base Metal Overnight Update
Advisory Bazaar Info Services
Copper:
Last Friday, LME copper opened at $13,819.5/mt, touched an intraday high of $13,883/mt, and later eased to a low of $13,729.5/mt before recovering to settle at $13,803/mt, up 0.03%. Open interest increased by 3,988 lots to 250,200 lots, indicating fresh long positions.
The most-active SHFE Copper 2609 contract opened at 105,460 yuan/mt, hit a high of 105,780 yuan/mt, and closed at 105,360 yuan/mt, down 0.09%. Open interest declined by 2,612 lots to 199,000 lots, reflecting long liquidation.
Aluminium:
The SHFE Aluminium 2609 contract settled unchanged at 23,665 yuan/mt. Prices continue to trade above the 5-day, 10-day and 30-day moving averages, while remaining below the 60-day moving average, suggesting short-term recovery within a broader corrective trend. MACD indicates weakening bearish momentum, with the recommended trading range at 23,400–24,000 yuan/mt.
LME Aluminium closed at $3,189/mt, down 0.19%. The contract also remains above short-term moving averages but below the 60-day average, with technical indicators pointing to fading downside pressure. The suggested trading range is $3,100–3,250/mt.
Lead:
LME Lead settled at $1,880.5/mt, down 0.69%, after touching an intraday high of $1,899/mt and a low of $1,875.5/mt.
The SHFE Lead 2609 contract closed at 15,360 yuan/mt, down 1.22%, as prices weakened throughout the session.
Zinc:
LME Zinc gained 0.84% to close at $3,640/mt after rebounding from intraday lows. Open interest increased by 1,803 lots to 246,000 lots, indicating fresh buying interest.
The SHFE Zinc 2609 contract settled at 25,065 yuan/mt, up 0.70%. Open interest rose by 4,444 lots to 115,000 lots, reflecting improved market participation.
Tin:
LME three-month Tin closed at $55,350/mt, up 0.26%. The metal gained 2.92% during the week and 7.33% in July, making it one of the strongest performers among LME base metals.
The SHFE Tin 2609 contract ended the night session at 427,110 yuan/mt, up 0.72%, supported by strong buying interest and a net capital inflow of around 197 million yuan. For today’s session, 423,000 yuan/mt is expected to act as immediate support, while 428,000 yuan/mt remains the key short-term resistance.