Base Metal Morning Update

Advisory Bazaar Info Services

🔶 Copper Futures

* LME Copper: Overnight, copper opened at $14,015/tonne, rose to a high of $14,128, then declined to $13,926 before recovering to close at $14,114.5/tonne, up 0.64%.

* Trading volume stood at 21,000 lots, while open interest was 267,000 lots, down 6,845 lots from the previous trading day, indicating short-position reduction.

* SHFE Copper 2610: Opened at 107,430 yuan/tonne, touched a high of 107,630 and a low of 106,890, before settling at 107,200 yuan/tonne, up 0.15%.

* Trading volume was 27,000 lots, while open interest stood at 175,000 lots, down 4,878 lots, also indicating a reduction in short positions.

🔷 Aluminium Futures

* SHFE Aluminium 2610 settled at 24,150 yuan/tonne, up 110 yuan or 0.46% from the previous settlement. Prices traded in the range of 24,075–24,195 yuan/tonne.

* Prices remained below MA5 (24,205) and MA10 (24,312.5), but above MA30 (24,065) and MA60 (23,616.83). The short-term rebound structure has partially improved, while the consolidation pattern continues.

* The MACD remains weak, with DIF below DEA and a negative green bar, indicating limited bullish momentum.

* Key SHFE Aluminium trading range: 23,800–24,600 yuan/tonne.

* LME Aluminium 3M settled at $3,249/tonne, down 0.11%, with prices trading in the $3,249–3,254 range.

* Key LME Aluminium trading range: $3,150–3,300/tonne.

⚫ Lead Futures

* LME Lead 3M opened at $1,880.5/tonne and declined to $1,870 during European trading before recovering briefly. It eventually settled at $1,875.5/tonne, down $4.5 or 0.24% from the previous close.

* The day’s trading range was $1,870–1,882.5/tonne. Trading volume stood at 5,525 lots, while open interest was 174,481 lots.

* SHFE Lead 2610 opened at 15,830 yuan/tonne during the night session and traded in a narrow range before settling at 15,780 yuan/tonne, up 5 yuan or 0.03%.

🟢 Zinc Futures

* LME Zinc opened at $3,798.5/tonne. After consolidating initially, prices fell to a low of $3,734 before staging a strong recovery and touching a high of $3,835. It finally settled at $3,831.5/tonne, up $27 or 0.71%.

* Trading volume was 18,052 lots, while open interest increased by 2,411 lots to 267,000 lots.

* SHFE Zinc 2611 opened at 26,220 yuan/tonne, fell to a low of 26,025 and subsequently recovered to settle at 26,170 yuan/tonne, up 25 yuan or 0.10%.

* Trading volume increased to 56,441 lots, while open interest rose by 907 lots to 124,000 lots.

🟡 Tin Futures

* SHFE Tin SN2610 opened at 395,000 yuan/tonne, touched a high of 397,470 and a low of 392,800 before closing at 394,730 yuan/tonne, down 8,950 yuan or 2.22% from the previous settlement of 403,680.

* Trading volume stood at 63,400 lots, while open interest was 35,600 lots, down 485 lots on the day. The decline reflected slightly heavier bull-position liquidation.

* In the early September 16 night session, SHFE Tin edged down 0.02% to settle at 394,430 yuan/tonne, trading in the range of 392,250–397,450 yuan/tonne. Open interest stood at 34,800 lots, down 379 lots, indicating a wait-and-see stance from both bulls and bears.

* LME Tin closed at $52,085/tonne on September 15, up 0.49%. LME Tin inventory stood at 4,890 tonnes, down 230 tonnes on the day, while the cancelled-warrant ratio increased to 25.87%.