Base Metal Overnight Update
Advisory Bazaar Info Services
Copper Futures
* Overnight LME Copper opened at $14,071/mt, dipped to $14,066/mt, then recovered to a high of $14,151.5/mt.
* It closed at $14,135.5/mt, up 0.18%.
* Trading volume stood at 20,000 lots, while open interest rose by 2,423 lots to 266,000 lots, indicating fresh long-side additions.
* SHFE Copper 2609 opened at ¥107,930/mt and closed at ¥107,790/mt, down 0.03%.
* SHFE volume was 28,000 lots, while open interest declined by 3,254 lots to 206,000 lots, indicating long-side position reductions.
Aluminum Futures
* SHFE Aluminum closed at ¥24,010/mt, down 0.62%.
* The contract broke below MA5 at around ¥24,160, but remained slightly above MA10 at ¥23,988.5. Medium-term MA30 and MA60 remain in bullish alignment.
* MACD remained positive, although the histogram narrowed further, indicating that bullish momentum is weakening.
* SHFE Aluminum Core Range: ¥23,800–24,400/mt
* LME Aluminum closed at $3,235.5/mt, down 0.08%. Short-term moving averages have turned into resistance, while medium-term support remains intact.
* LME Aluminum Core Range: $3,200–3,280/mt
Lead Futures
* LME Lead opened at $1,907/mt and traded mostly sideways during Asian hours before weakening in European and US trading.
* It found support near the middle Bollinger Band and closed at $1,890/mt, down 0.60%.
* SHFE Lead 2609 opened at ¥15,890/mt and fell below the 5-day and 40-day moving averages.
* It closed at ¥15,835/mt, down 0.81%, amid pressure from rising lead ingot inventories.
* Open interest stood at 41,327 lots, down 196 lots.
* Market participants should monitor the ongoing contract rollover from SHFE Lead 2609 to 2610, which currently has open interest of 73,855 lots.
Zinc Futures
* LME Zinc opened at $3,745/mt, briefly touched $3,758.5/mt, and later declined to $3,697.5/mt before recovering.
* It finally closed at $3,745/mt, unchanged.
* Trading volume increased to 11,288 lots, while open interest rose by 4,236 lots to 254,000 lots.
* SHFE Zinc 2609 opened at ¥25,615/mt and closed at ¥25,675/mt, up ¥125 or 0.49%.
* Trading volume was 38,315 lots, while open interest declined by 1,840 lots to 104,000 lots.
Tin Futures
* LME 3-month Tin closed around $55,535/mt on August 13, down $30 or 0.05%.
* It surged during Asian/European trading, reaching a high of $56,385/mt, before giving back gains during the US session.
* LME Tin inventory stood at 5,535 mt, down 55 mt on the day.
* Cancelled warrants were 850 mt, with a cancelled-warrant ratio of 15.36%, highlighting a continued tight-inventory undertone.
* SHFE Tin 2609 closed the daytime session at ¥425,650/mt, down ¥3,120 or 0.73%.
* Session high was ¥433,980/mt, while the low was ¥422,050/mt.
* Trading volume reached 175,729 lots, with open interest at 45,587 lots, down 3,045 lots.
* Overall capital outflow stood at approximately ¥221 million as of the 15:00 close.
Market Outlook
Copper remains relatively firm with fresh long additions, while aluminum is showing signs of weakening short-term momentum. Lead remains under pressure from inventory buildup, whereas zinc is showing relative strength. Tin continues to carry a tight-inventory undertone, although recent gains were largely reversed in the US session.
Disclaimer: This report is for information and market-analysis purposes only and should not be considered investment advice.