Base Metal Overnight Update

Advisory Bazaar Info Services

Copper: LME copper closed at $14,232.5/mt, down 0.64%, while SHFE copper 2610 settled at 108,220 yuan/mt, down 0.49%. Rising LME open interest suggests fresh bearish positioning, while lower SHFE open interest indicates long-position reduction.

Aluminium: SHFE aluminium 2610 closed at 23,830 yuan/mt, down 0.17%. The medium- and long-term trend remains bearish, with resistance near the 10-day moving average. Core range: 23,400–24,200 yuan/mt. LME aluminium declined 0.14% to $3,225/mt, with a core range of $3,200–$3,300/mt.

Lead: LME lead gained 0.50% to $1,905.5/mt, while SHFE lead 2610 slipped 0.03% to 16,115 yuan/mt. Trading remained largely range-bound.

Zinc: LME zinc ended nearly flat at $3,885.5/mt after touching $3,949.5/mt. SHFE zinc 2610 gained 0.72% to 26,430 yuan/mt, supported by higher open interest.

Tin: LME tin fell 1.23% to $55,100/mt, pressured by a stronger US dollar following the PCE data. Despite low LME inventories, macro headwinds remained dominant. SHFE tin 2610 dropped 1.57% to 419,410 yuan/mt. The 420,000 yuan/mt level remains a key near-term battleground, while 417,750 yuan/mt is the first support.

Overall: Base metals remained mixed to weak overnight, with copper and tin under pressure, while zinc outperformed. A stronger dollar and macro factors could keep volatility elevated in the near term.