BASE METAL – OVERNIGHT UPDATE

Advisory Bazaar Info Services

🔹 Copper:

LME Copper opened at $14,231/mt, dipped to $14,220, then rose to a high of $14,282.5 before settling at $14,245/mt, up 0.42%. Volume was 16,000 lots, while open interest rose by 2,569 lots to 266,000 lots, indicating bullish accumulation.

SHFE Copper 2610 opened at 108,220 yuan/mt and touched a high of 108,540 before settling at 108,150 yuan/mt, up 0.22%. Open interest increased by 8,439 lots to 200,000 lots, also indicating bullish accumulation.

🔹 Aluminum:

SHFE Aluminum 2610 closed at 23,815 yuan/mt, up 0.13%. Prices remained above key short- and medium-term moving averages, but the 10-day MA remains a key resistance. MACD indicates weakening bullish momentum.

SHFE Aluminum Range: 23,400–24,100 yuan/mt

LME Aluminum 3M closed at $3,218.50/mt, up 0.19%. The 10-day and 60-day moving averages remain key resistance levels, while MACD continues to indicate weakening bullish momentum.

LME Aluminum Range: $3,180–$3,300/mt

🔹 Lead:

LME Lead 3M closed at $1,910.5/mt, up 0.50%. Prices traded between $1,893.5–$1,913.5/mt.

SHFE Lead 2610 closed at 16,085 yuan/mt, down 0.28%. Technical indicators suggest short-term adjustment pressure, with resistance near the upper Bollinger Band and weakening MACD momentum.

🔹 Zinc:

LME Zinc settled at $3,827/mt, up 0.12%. Open interest increased by 2,465 lots to 264,000 lots, indicating fresh position addition.

SHFE Zinc 2610 closed at 26,005 yuan/mt, up 0.39%. Open interest rose by 4,627 lots to 149,000 lots, also indicating fresh position build-up.

🔹 Tin:

LME Tin closed at $55,895/mt, down 0.31%. However, LME tin inventories declined by 155 mt to 5,230 mt, with cancelled warrants at 755 mt, or 14.44%. Tightening spot availability outside China continues to provide downside support to tin prices.

SHFE Tin 2610, now the most-traded contract, closed at 427,590 yuan/mt, down 0.15%. Prices have failed to retest 430,000 yuan/mt for two consecutive sessions, with 427,000 yuan/mt emerging as the near-term consolidation level.

Overall: Base metals traded mixed overnight. Copper and zinc showed signs of fresh bullish position build-up, while aluminum and lead remained under technical pressure. Tin received support from tightening inventories and spot supply.