Base Metal Overnight Update
Advisory Bazaar Info Services
Copper
LME Copper: LME copper opened at $14,268/mt, briefly touched $14,270/mt, and then came under selling pressure. Prices fell to an intraday low of $14,055/mt before settling at $14,092.5/mt, down 0.40%. Trading volume stood at 27,800 lots, while open interest increased by 1,610 lots to 254,000 lots, indicating fresh short positions.
SHFE Copper: The most-traded SHFE Copper 2609 contract opened at 108,130 yuan/mt, traded between 107,310–108,250 yuan/mt, and settled at 108,160 yuan/mt, up 0.36%. Trading volume reached 100,100 lots, while open interest declined by 2,426 lots to 214,300 lots, reflecting short covering.
Aluminum
SHFE Aluminum: The most-traded SHFE Aluminum 2609 contract settled at 23,925 yuan/mt, up 90 yuan (0.38%) from the previous settlement. The contract traded within a range of 23,835–23,945 yuan/mt and remained above its 5-, 10-, 30-, and 60-day moving averages, indicating continued short-term strength. Although the medium- to long-term trend remains under pressure, bullish momentum is improving as bearish momentum continues to fade.
Recommended SHFE Aluminum Trading Range: 23,500–24,200 yuan/mt
LME Aluminum: The three-month LME aluminum contract settled unchanged at $3,267/mt after trading in a narrow range of $3,262–3,267/mt. Prices remain above the short-term moving averages but below the 60-day moving average, suggesting ongoing consolidation with resistance at higher levels.
Recommended LME Aluminum Trading Range: $3,200–3,300/mt
Lead
LME Lead: LME lead opened at $1,892.5/mt and traded lower during the Asian session. After touching an intraday low of $1,880/mt, prices rebounded to $1,897/mt before weakening into the close. The contract settled at $1,884.5/mt, down 0.29%.
SHFE Lead: The most-traded SHFE Lead 2609 contract opened at 15,700 yuan/mt, reached a high of 15,760 yuan/mt, and settled at 15,680 yuan/mt, up 0.19%. The decline in open short positions supported prices during the session.
Zinc
LME Zinc: LME zinc opened at $3,750/mt, traded between $3,717.5–3,803/mt, and settled at $3,769.5/mt, gaining $24/mt or 0.64%. Trading volume increased to 20,851 lots, while open interest rose by 1,843 lots to 249,000 lots.
SHFE Zinc: The most-traded SHFE Zinc 2609 contract opened at 25,780 yuan/mt, traded within 25,770–25,960 yuan/mt, and settled at 25,890 yuan/mt, up 305 yuan/mt or 1.19%. Trading volume increased to 86,747 lots, with open interest rising by 4,098 lots to 129,000 lots, indicating fresh buying interest.
Tin
LME Tin: LME three-month tin settled at $56,095/mt, down $623 or 1.10%. During after-hours trading, the contract slipped further to around $56,185/mt, confirming that the previous breakout above $57,000/mt was a false breakout. Prices have retreated toward the $56,000/mt support area.
SHFE Tin: The SHFE Tin 2609 night session settled at 431,080 yuan/mt, down 4,270 yuan or 0.98%, after trading between 429,030–433,280 yuan/mt. The 430,000 yuan/mt level has shifted from key support to immediate resistance. A sustained move below 429,000 yuan/mt could open the way toward the 425,000 yuan/mt support zone.