Base Metal Overnight Update –
Advisory Bazaar Info Services
Copper – Futures:
LME copper opened at $10,648.5/mt overnight. After touching a low of $10,621.5/mt, prices moved upward to a high of $10,864.5/mt before closing at $10,802/mt, up 4.13%. Trading volume stood at 29,000 lots, with open interest at 323,000 lots.
The most-traded SHFE copper 2511 contract opened at 85,800 yuan/mt, hit a low of 85,580 yuan/mt, and maintained high-level consolidation throughout the session. It reached a high of 86,790 yuan/mt and closed at 86,520 yuan/mt, up 2.02%. Trading volume was 85,000 lots, with open interest at 200,000 lots.
Aluminum – Futures:
The SHFE aluminum 2511 contract closed at 20,975 yuan/mt, up 0.55%. The convergence of MA5, MA10, and MA30 around the closing price (20,973–20,972) indicates rangebound movement. Open interest fell by 3,512 lots, reflecting cautious sentiment.
In MACD, DIFF (0.4192) and DEA (0.2244) remained in a golden cross, but the histogram narrowed to 0.3898, suggesting weaker upward momentum. Technically, the trend remains rangebound to slightly firm, with resistance at 21,050–21,100 yuan/mt and support at 20,880–20,920 yuan/mt.
Lead – Futures:
LME lead opened at $2,017.5/mt, declined to a low of $1,985.5/mt, and closed at $1,993.5/mt, down 1.04%.
The SHFE lead 2511 contract opened lower at 17,050 yuan/mt, rose to 17,155 yuan/mt, and then weakened to close at 17,095 yuan/mt, down 0.35%.
Zinc – Futures:
LME zinc opened at $3,002.5/mt, hit a high of $3,040/mt, and a low of $2,987/mt, before closing at $3,012/mt, up 0.92%.
Trading volume increased to 141,000 lots, and open interest rose to 221,000 lots. LME zinc inventory decreased by 475 mt to 37,475 mt, down 1.25%. Prices were supported by declining inventories, a widening backwardation structure (over 100), and rising expectations for a U.S. Fed rate cut.
Tin – Futures:
The most-traded SHFE tin 2511 contract opened higher, fluctuated during the session, hit a low of 281,640 yuan/mt, and closed at 282,800 yuan/mt, down 0.26% from the previous trading day.