*Base Metals Update*

*Advisory Bazaar Info Services*

*Copper –*

• LME: Opened at $10,086/mt, hit a high of $10,105/mt and a low of $10,058/mt, closing at $10,064.5/mt, up 0.07%. Trading volume reached 21,000 lots and open interest stood at 292,000 lots.

• SHFE (2510): Opened at 80,750 yuan/mt, dipped to 80,700 yuan/mt, rebounded to 81,100 yuan/mt, then softened to close at 80,810 yuan/mt.

*Aluminium –*

• SHFE (2510): Opened at 21,140 yuan/mt, fluctuated between 21,140 and 21,055 yuan/mt, closing at 21,075 yuan/mt, down 0.21% (–45 yuan/mt). Trading volume was 52,000 lots, with open interest at 201,000 lots.

• LME: Opened at $2,676.5/mt, ranged between $2,673/mt and $2,703.5/mt, closing at $2,701/mt.

*Lead –*

• LME: Opened at $1,993/mt, peaked at $2,020/mt, and closed at $2,079/mt, up $23.5/mt (+1.15%).

• SHFE (most-traded): Opened at 17,050 yuan/mt, fell to 17,030 yuan/mt, then rose to 17,175 yuan/mt before closing at 17,140 yuan/mt, up 175 yuan/mt (+1.03%).

*Zinc –*

• LME: Opened at $2,905.5/mt, briefly dipped to $2,900.5/mt, then climbed to $2,960/mt before closing at $2,956/mt, up $51/mt (+1.76%). Trading volume rose to 14,507 lots, with open interest up 1,254 lots to 205,000 lots. Inventories fell to 50,525 mt, supported by bullish macro sentiment and Fed rate cut expectations.

• SHFE (2510): Opened at 22,345 yuan/mt, touched a low of 22,260 yuan/mt, then consolidated and closed at 22,300 yuan/mt, down 5 yuan/mt (–0.02%). Trading volume decreased to 40,122 lots, and open interest fell by 2,005 lots to 95,692 lots. Domestic demand remains weak with continued inventory buildup, though macro sentiment supports prices.

*Tin –*

• SHFE (2510): Hovered at highs during the night session and closed at 274,100 yuan/mt, up 0.48% from the previous close.