Base Metals Overnight Market Update

Advisory Bazaar Info Services

Copper

LME copper opened at $13,866/mt and briefly touched an intraday high of $13,884/mt before easing to a low of $13,808/mt. Prices recovered in late trading to settle at $13,848/mt, gaining 0.33%. Trading volume stood at 16,900 lots, while open interest declined by 2,157 lots to 248,000 lots, indicating short-covering by bearish positions.

The most-traded SHFE Copper 2609 contract opened at 105,750 yuan/mt, traded between 105,610–106,220 yuan/mt, and settled at 106,190 yuan/mt, up 0.07%. Trading volume reached 26,800 lots, while open interest fell by 3,851 lots to 202,100 lots, also reflecting bear liquidation.

Aluminium

The most-traded SHFE Aluminium 2609 contract settled at 23,730 yuan/mt, up 145 yuan (0.61%) from the previous session. The contract traded within a range of 23,535–23,755 yuan/mt, remaining above the 5-day, 10-day and 30-day moving averages, but below the 60-day moving average, which continues to act as a key resistance level.

Technical indicators suggest that bearish momentum is gradually weakening while recovery momentum is strengthening. The MACD remains in positive territory, supporting the ongoing rebound. The suggested trading range is 23,300–24,000 yuan/mt.

LME three-month aluminium settled at $3,231/mt, up 0.12%, after trading between $3,221–3,231/mt. Prices remain above the short-term moving averages but below the 60-day moving average, indicating a continued recovery within a broader consolidation phase. The recommended trading range is $3,150–3,300/mt.

Lead

LME lead opened at $1,878.5/mt and briefly touched $1,885.5/mt before weakening as the US dollar strengthened. The contract fell to an intraday low of $1,858.5/mt and settled at $1,867/mt, down 0.72%.

The most-traded SHFE Lead 2609 contract opened at 15,385 yuan/mt before coming under selling pressure. It touched a low of 15,205 yuan/mt and settled at 15,255 yuan/mt, down 1.13%.

Zinc

LME zinc opened at $3,645.5/mt and climbed to an intraday high of $3,703.5/mt before reversing lower. The contract later touched $3,618/mt and settled at $3,634/mt, down 0.16%. Trading volume increased to 18,193 lots, while open interest declined by 710 lots to 245,000 lots.

The most-traded SHFE Zinc 2609 contract opened at 25,250 yuan/mt before retreating sharply to 24,780 yuan/mt. It recovered slightly to settle at 24,920 yuan/mt, down 460 yuan (1.81%). Trading volume rose to 125,000 lots, while open interest declined by 8,609 lots to 118,000 lots.

Tin

LME three-month tin ended the August 3 session at $55,365/mt, up 0.18%, after trading between $54,900–55,650/mt. Tin outperformed the broader base metals complex, remaining the only major metal to close higher despite weakness in nickel, zinc and lead.

The SHFE Tin 2609 contract closed the daytime session at 426,750 yuan/mt, up 0.63%, with trading supported by net capital inflows of approximately 167 million yuan. During the overnight session, the contract rebounded after an early dip and settled at 428,040 yuan/mt, up 0.44%, with open interest rising to 58,378 lots, reflecting continued buying interest.