BASE METAL OVERNIGHT UPDATE
Advisory Bazaar Info Services
🔹 Copper Futures
LME Copper:
Overnight, LME Copper opened at $14,677/mt, initially dipped to $14,469/mt, then climbed to a high of $14,779/mt before consolidating and closing at $14,728/mt, up 1.61%.
Trading volume stood at 27,300 lots, while open interest increased by 453 lots to 267,000 lots, indicating fresh long positions.
SHFE Copper 2610:
The most-traded SHFE Copper 2610 contract opened at 111,170 yuan/mt, touched a low of 110,960 yuan/mt and a high of 111,710 yuan/mt, before closing at 111,300 yuan/mt, up 0.94%.
Trading volume was 50,000 lots, while open interest rose marginally by 13 lots to 230,000 lots, indicating mild long-position addition.
🔹 Aluminum Futures
SHFE Aluminum:
The most-traded SHFE Aluminum contract opened at 24,470 yuan/mt, touched a high of 24,660 yuan/mt and a low of 24,420 yuan/mt, and closed at 24,645 yuan/mt, up 185 yuan/mt or 0.76%.
Prices remained firmly above major moving averages, with a bullish alignment. Trading volume declined slightly, while open interest edged higher, mainly due to fresh long positions.
Technically, the 4-hour MACD golden cross remained intact, while the red histogram expanded further, indicating strengthening bullish momentum.
LME Aluminum:
LME Aluminum opened at $3,314/mt, reached a high of $3,358.5/mt and a low of $3,308.5/mt, before closing at $3,334/mt, up $21.5/mt or 0.65%.
Prices consolidated at higher levels and closed firmly above short-term moving averages. Trading volume increased notably, while open interest declined slightly, mainly due to short-position covering.
The daily MACD red histogram expanded further, indicating strengthening bullish momentum.
🔹 Lead Futures
LME Lead:
LME Lead 3M opened at $1,900.5/mt and traded in the range of $1,894.5–1,916.5/mt before closing at $1,915/mt, up $15.5/mt or 0.82%.
The daily candlestick formed a strong bullish candle. Trading volume stood at 5,344 lots, while open interest was 172,829 lots.
SHFE Lead 2610:
SHFE Lead 2610 opened at 16,135 yuan/mt, briefly dipped to 16,125 yuan/mt and then moved higher, touching a high of 16,190 yuan/mt before closing at 16,185 yuan/mt, up 50 yuan/mt or 0.31%.
Night-session volume stood at 24,814 lots, with open interest at 63,669 lots.
🔹 Zinc Futures
LME Zinc:
LME Zinc opened at $3,987/mt and initially moved higher as bulls added positions, reaching a high of $4,035/mt. Profit-taking then pushed prices down to a low of $3,972/mt. The price recovered toward the close and settled at $4,021/mt, up $31.5/mt or 0.79%.
Trading volume increased to 14,081 lots, while open interest rose by 544 lots to 263,000 lots, indicating fresh long-position addition.
SHFE Zinc 2610:
SHFE Zinc opened at 27,420 yuan/mt and briefly dipped to 27,360 yuan/mt before recovering. It touched a high of 27,545 yuan/mt and closed at 27,530 yuan/mt, up 25 yuan/mt or 0.09%.
Trading volume declined to 70,835 lots, while open interest fell by 1,919 lots to 158,000 lots, indicating position reduction.
🔹 Tin Futures
SHFE Tin SN2610:
The most-traded SHFE Tin SN2610 contract opened at 418,870 yuan/mt, touched a high of 422,000 yuan/mt and a low of 416,200 yuan/mt, before closing at 417,860 yuan/mt.
Trading volume stood at 104,700 lots, while open interest declined by 1,243 lots to 35,684 lots. Both bulls and bears reduced positions, with long-position reduction slightly higher, reflecting strong wait-and-see sentiment.
LME Tin:
LME Tin closed at $55,141/mt on September 8, up $275/mt. The price traded in the range of $54,800–55,300/mt, with the price center edging slightly higher.
LME Tin inventory stood at 5,415 mt, down 55 mt. The cancelled-warrant ratio rose to 26.50%, a stage high, indicating that nearly 27% of warrants were awaiting withdrawal.
Overall Outlook:
The overnight base-metal complex remained broadly bullish, led by strong gains in Copper, Aluminum, Lead and Zinc. Technical indicators continue to support the positive momentum, although profit-taking and position adjustments may keep volatility elevated.