Base Metal Overnight Update: Copper, Zinc & Tin Lead Gains as Bullish Momentum Strengthens
Advisory Bazaar Info Services
Global base metal markets closed broadly higher overnight, with copper, zinc, aluminum, and tin extending gains on renewed buying interest and improving technical indicators. Zinc and tin outperformed the complex, while copper remained supported by fresh long positions.
Copper
LME Copper opened at $13,992/mt and settled 0.75% higher at $14,148.5/mt after touching an intraday high of $14,150/mt. Trading volume reached 20,200 lots, while open interest increased by 1,896 lots to 253,000 lots, indicating fresh long position buildup.
On the SHFE, the most-active Copper 2609 contract closed at 107,770 yuan/mt, up 0.40%. Although trading volume remained healthy, open interest declined by 2,688 lots, suggesting short covering supported the rally.
Aluminum
The most-traded SHFE Aluminum 2609 contract ended 0.29% higher at 23,835 yuan/mt. Prices continued to trade above the 5-day, 10-day, 30-day, and 60-day moving averages, reflecting improving short-term momentum despite a cautious longer-term trend.
Technical indicators remained supportive, with the MACD showing weakening bearish momentum and an ongoing bullish recovery. The recommended SHFE trading range is 23,500–24,100 yuan/mt.
LME Aluminum closed 0.22% higher at $3,253/mt, remaining above its short-term moving averages. The recommended LME trading range is $3,200–3,350/mt.
Lead
LME Lead closed unchanged at $1,890/mt after surrendering early gains during European trading.
Meanwhile, the SHFE Lead 2609 contract declined 0.73% to 15,640 yuan/mt as traders reduced bullish positions following the early rally.
Zinc
LME Zinc was the strongest performer of the session, rising 2.31% to $3,745.5/mt after reaching an intraday high of $3,748/mt.
The SHFE Zinc 2609 contract settled 0.87% higher at 25,645 yuan/mt. Open interest increased by 3,879 lots, indicating fresh long participation and strengthening market confidence.
Tin
LME Tin gained 2.10% to close at $57,000/mt, decisively breaking above the key $57,000/mt resistance level and extending its ongoing uptrend.
In China, the SHFE Tin 2609 contract closed the overnight session at 438,200 yuan/mt, up 1.70%. Strong long additions suggest that the 430,000 yuan/mt level has now become a significant support zone.
Market Outlook
Base metals maintained a positive tone overnight, led by strong gains in zinc and tin, while copper continued to attract fresh buying interest. Aluminum’s technical outlook also improved, indicating a gradual recovery. Overall, market sentiment remains constructive as investors continue to build long positions across the base metals complex.