Base Metal Overnight Update

Advisory Bazaar Info Services

🔹 Copper:

LME Copper gained 1.41% to close at $14,043.5/mt, after touching an intraday high of $14,117/mt. Open interest increased, indicating fresh bullish positions. SHFE Copper (2609) also ended 0.37% higher at 107,040 yuan/mt, supported by continued long build-up.

🔹 Aluminum:

SHFE Aluminum (2609) settled 0.08% higher at 23,745 yuan/mt. Prices continue to trade above key short-term moving averages, while the 23,500–24,000 yuan/mt range remains important. LME Aluminum eased 0.20% to $3,211/mt, with $3,150–3,300/mt expected to remain the key trading range.

🔹 Lead:

LME Lead advanced 1.23% to $1,890/mt, supported by broad-based strength across the non-ferrous complex. SHFE Lead (2609) also rose 1.04% to close at 15,605 yuan/mt, aided by short covering.

🔹 Zinc:

LME Zinc climbed 0.74% to $3,661/mt, while SHFE Zinc (2609) gained 0.36% to settle at 25,165 yuan/mt. The market remained firm despite mixed positioning.

🔹 Tin:

LME Tin increased 0.79% to $55,800/mt, continuing to outperform other base metals and marking fresh highs. SHFE Tin (2609) closed the night session at 430,060 yuan/mt, up 0.63%, with the 430,000 yuan/mt level now emerging as a key battleground between bulls and bears.

Market View:

Base metals remained broadly positive overnight, led by Copper, Lead and Tin, as fresh buying and improving investor sentiment supported prices. Rising open interest in Copper reflects continued bullish participation, while Tin remains the strongest performer among the base metals.