BASE METAL OVERNIGHT UPDATE

Advisory Bazaar Info Services

🟠 COPPER FUTURES

* LME Copper opened at $13,992/mt, touched a low of $13,910/mt and recovered to $14,071/mt before closing at $14,041.5/mt, down 0.07%.

* Trading volume stood at 17,000 lots, while open interest increased by 604 lots to 262,000 lots, indicating fresh bearish positioning.

* SHFE Copper 2609 opened at 106,660 yuan/mt, touched a low of 106,550 yuan/mt and a high of 107,440 yuan/mt before closing at 107,190 yuan/mt, up 0.01%.

* Trading volume was 29,000 lots, while open interest declined by 4,400 lots to 158,000 lots, indicating long position reduction.

⚪ ALUMINUM FUTURES

* LME Aluminum opened at $3,234.5/mt, reached a high of $3,234.5/mt and a low of $3,177.5/mt before closing at $3,185.5/mt, down 1.62%.

* The previous session’s recovery failed to sustain, and prices resumed their downward trend, breaking below key short-term moving averages.

* Open interest increased, indicating significant fresh short positioning. The daily MACD confirmed a bearish crossover, with downside momentum strengthening.

* SHFE Aluminum opened at 23,500 yuan/mt, touched a high of 23,615 yuan/mt and a low of 23,465 yuan/mt before closing at 23,520 yuan/mt, down 0.32%.

* Prices remained below key moving averages. Trading volume declined, while open interest fell slightly, mainly due to long position reduction. The 4-hour MACD remained bearish.

🔴 LEAD FUTURES

* LME Lead 3M opened at $1,886/mt and consolidated between $1,886–1,892/mt during the Asian session. It later dipped to $1,877.5/mt before recovering strongly.

* Lead reached a high of $1,903.5/mt and closed at $1,899.5/mt, up $13.5/mt or 0.72%.

* Trading volume was 6,876 lots, with open interest at 174,073 lots.

* SHFE Lead 2610 opened at 15,930 yuan/mt and quickly moved above 16,000 yuan/mt. It touched a high of 16,120 yuan/mt and closed at 16,115 yuan/mt, up 180 yuan/mt or 1.13%.

* Night-session trading volume was 39,852 lots, with open interest at 80,584 lots.

🟢 ZINC FUTURES

* LME Zinc opened at $3,709.5/mt, initially declined to $3,683.5/mt and then rebounded sharply as bearish positions exited.

* It reached a high of $3,762/mt and closed at $3,748/mt, up $34/mt or 0.92%.

* Trading volume was 14,237 lots, while open interest increased by 1,195 lots to 260,000 lots.

* SHFE Zinc 2610 opened at 25,480 yuan/mt, fell to 25,425 yuan/mt and then strengthened as bulls added positions.

* It reached a high of 25,620 yuan/mt and closed at 25,590 yuan/mt, up 200 yuan/mt or 0.75%.

* Trading volume was 82,302 lots, while open interest increased marginally by 63 lots to 138,000 lots.

🟡 TIN FUTURES

* LME 3M Tin closed at $55,803/mt on August 20, up $253/mt or 1.11%.

* In the August 21 morning session, Tin was quoted at $55,850/mt, up 0.54%.

* Tin continued to outperform other London base metals, extending the divergence between strong Lead, Zinc and Tin and relatively weaker Copper, Aluminum and Nickel.

* LME Tin inventories declined by 130 mt on August 20 and remained at historically low levels.

* SHFE Tin 2609 closed the daytime session near 426,250 yuan/mt. In the night session, it closed at 428,230 yuan/mt, up 3,180 yuan/mt or 0.75%.

* The contract opened at 424,000 yuan/mt, touched a high of 429,580 yuan/mt and a low of 423,100 yuan/mt.

* Trading volume was 64,400 lots, while open interest stood at 30,700 lots, down 92 lots.

* The 428,000 yuan/mt level has shifted from resistance to a key price pivot after Tin gained for the second consecutive session.

📊 MARKET TREND SUMMARY

Overall, the overnight base-metal market remained divergent.

* Lead, Zinc and Tin showed relative strength with positive momentum.

* Aluminum remained under significant bearish pressure, with fresh short positioning and weak technical indicators.

* Copper traded in a narrow range with mixed positioning signals, suggesting a cautious near-term outlook.

* Overall bias: Selective strength in Lead/Zinc/Tin, while Aluminum remains weak and Copper stays range-bound.