*Base Metal Overnight Update*

Advisory Bazaar Info Services

Copper:

LME copper opened at $10,554/mt overnight. Prices fluctuated downward initially, touching a low of $10,463/mt, before recovering steadily to reach a high of $10,620.5/mt near session end, and finally closed at $10,598.5/mt, down 1.88%. Trading volume stood at 29,000 lots, with open interest at 323,000 lots.

The most-traded SHFE copper (2511) contract opened at 84,180 yuan/mt, touched a low of 83,890 yuan/mt, then moved upward throughout the session, hitting a high of 84,960 yuan/mt before closing at 84,890 yuan/mt, down 0.96%. Trading volume reached 56,000 lots, and open interest stood at 182,000 lots.

Aluminium:

As per the night session data of October 14, the SHFE aluminium (2511) contract closed at 20,855 yuan/mt, down 0.36%. The price stayed under short-term pressure below the 5-day moving average (MA5: 20,934) but remained above the 10-day, 30-day, and 60-day MAs, indicating a bullish medium- to long-term trend.

Trading volume (31,647 lots) was below average, suggesting low market participation. The MACD indicator showed a negative DIF and positive DEA, with a slightly positive histogram — reflecting weak momentum.

Resistance is seen at 20,950–21,000 yuan/mt, while support lies between 20,680–20,800 yuan/mt. Overall, the market remained rangebound, with a breakout direction yet to be confirmed.

Lead:

LME lead opened at $1,994/mt, moved lower during the Asian session, and weakened further through the European session, touching a low of $1,975/mt before closing at $1,977.5/mt, down $16/mt (0.8%).

The most-traded SHFE lead (2511) contract opened lower at 17,010 yuan/mt, briefly rose to a high of 17,075 yuan/mt, then fell below the daily moving average and closed at 17,015 yuan/mt, down 70 yuan/mt (0.41%).

Zinc:

LME zinc opened at $3,023/mt overnight, fluctuating around the daily average early on. During the European session, long positions were reduced, causing a sharp decline to $2,911.5/mt, before a slight rebound. It finally closed at $2,953.5/mt, down $58.5/mt (1.94%).

Trading volume increased to 224,000 lots, while open interest decreased by 1,344 lots to 220,000 lots.

The most-traded SHFE zinc (2511) contract opened at 22,020 yuan/mt, dropped to 21,915 yuan/mt early on, then rebounded slightly to close at 22,055 yuan/mt, down 165 yuan/mt (0.74%). Trading volume decreased to 66,972 lots, and open interest declined by 4,168 lots to 91,026 lots.

Tin:

The most-traded SHFE tin (2511) contract opened slightly lower in the night session and fluctuated narrowly around the 280,000-yuan/mt level, finally closing at 280,000 yuan/mt, down 0.76% from the previous trading day.