Base Metal Overnight Update

Advisory Bazaar Info Services

Copper

LME Copper opened at $14,292.5/mt, declined to a low of $14,235/mt and then recovered to a high of $14,384/mt. It finally closed at $14,324.5/mt, up 0.56%. Trading volume stood at 19,000 lots, while open interest declined by 1,743 lots, indicating bearish position reduction.

The most-traded SHFE Copper 2610 contract opened at ¥108,300/mt and traded between ¥107,880–¥109,030/mt before closing at ¥108,700/mt, up 0.67%. Open interest increased by 5,925 lots, indicating bullish accumulation.

Aluminum

SHFE Aluminum 2610 closed at ¥23,975/mt, up ¥175 or 0.74%. The contract traded between ¥23,720 and ¥24,075/mt. Prices remained above the 5-, 10-, 30- and 60-day moving averages, although the medium- and long-term averages continued to show a bearish structure. MACD indicated that bearish momentum had weakened.

Key trading range: ¥23,500–¥24,300/mt.

LME Aluminum 3M closed at $3,237.50/mt, down 0.20%. Prices remained above the 5-, 10- and 30-day moving averages but below the 60-day moving average, which remains an important resistance level.

Key trading range: $3,200–$3,300/mt.

Lead

LME Lead 3M traded between $1,896 and $1,915/mt before closing at $1,896/mt, down 0.76%. Trading volume was 6,172 lots, while open interest stood at 173,820 lots.

SHFE Lead 2610 closed at ¥16,095/mt, down ¥35 or 0.22%. Trading volume was 25,106 lots, with open interest at 74,529 lots.

Zinc

LME Zinc opened at $3,830/mt, touched a low of $3,814/mt and a high of $3,893.5/mt before closing at $3,884.5/mt, up 1.50%. Trading volume increased to 13,812 lots, while open interest declined by 912 lots.

SHFE Zinc 2610 closed at ¥26,375/mt, up ¥305 or 1.17%. Open interest increased by 11,542 lots to 164,000 lots, indicating strong bullish accumulation.

Tin

LME Tin 3M closed at $55,785/mt, up $215 or 0.39%, after trading between $55,475 and $55,885/mt. Tin continued to outperform several other base metals, supported by expectations of easing rate pressure, geopolitical risk premiums and relatively firm fundamentals.

In China, the SHFE Tin contract has completed its rollover to the 2610 contract. SHFE Tin 2610 was around ¥425,600/mt in the morning session, down 0.11%. The overnight/morning session range was ¥422,800–¥427,500/mt.

Short-term center: ¥425,000/mt

First key support: ¥422,800/mt

Overall Outlook

Base metals traded mostly firm overnight, led by Zinc and Copper. Copper witnessed bullish accumulation on SHFE, while Zinc also saw strong long buildup. Aluminum remained in a consolidation phase, whereas Lead continued to face pressure. Tin maintained relative strength, with ¥422,800/mt emerging as an important near-term support level.

Disclaimer: This market update is for informational purposes only and should not be considered investment advice.