*BASE METAL OVERNIGHT UPDATE*
Advisory Bazaar Info Services
Copper: On the LME, copper opened at $10,681/mt overnight, touched an early high of $10,715/mt, but then declined steadily to a low of $10,532.5/mt before closing at $10,576/mt, down 0.21%. Trading volume reached 16,000 lots, with open interest at 320,000 lots.
On the SHFE, the most-traded 2511 copper contract opened at 85,240 yuan/mt, touched a low of 84,960 yuan/mt, then rebounded to a high of 85,400 yuan/mt. It formed a “W” pattern in early trade before stabilizing sideways and finally settled at 85,160 yuan/mt, up 0.24%, with trading volume at 35,000 lots and open interest at 170,000 lots.
Aluminum: The most-traded AD2512 aluminum alloy contract opened at 20,395 yuan/mt, hit a high of 20,425 yuan/mt, a low of 20,365 yuan/mt, and closed at 20,425 yuan/mt, up 15 yuan/mt or 0.07% from the previous close. Trading volume stood at 938 lots, and open interest at 13,315 lots, with short positions mainly reduced.
Technically, moving averages remain in a bullish alignment, the MACD continues to show red bars, and the reduction in short positions supports near-term stability. However, shrinking trading volume suggests that follow-up momentum needs to be monitored. Sustained movement above 20,500 yuan/mt could confirm strength; otherwise, prices may remain rangebound.
Lead: LME lead opened at $1,979.5/mt, gained during the Asian and European sessions to a high of $1,997.5/mt, and finally closed at $1,986/mt, up $8.5/mt or 0.43%.
On the SHFE, the most-traded 2511 lead contract opened lower at 17,110 yuan/mt, briefly rose to 17,150 yuan/mt, then slipped below the daily moving average to consolidate near 17,100 yuan/mt, closing at 17,115 yuan/mt, up 60 yuan/mt or 0.35%.
Zinc: LME zinc opened at $2,955/mt, moved lower to $2,926.5/mt, then recovered to a high of $2,976/mt before retreating to close at $2,940.5/mt, down $13/mt or 0.44%. Open interest declined to 119,000 lots.
On the SHFE, the most-traded 2511 zinc contract opened at 22,065 yuan/mt, quickly touched a high of 22,085 yuan/mt, then fell to 21,925 yuan/mt as short positions increased. Despite a brief recovery attempt, prices faced resistance and settled at 21,945 yuan/mt, down 70 yuan/mt or 0.32%. Trading volume fell to 82,699 lots, while open interest edged up by 97 lots to 90,009 lots.
Tin: The most-traded SN2511 tin contract opened slightly lower and remained rangebound around the 280,000 yuan/mt mark throughout the night session, finally closing at 280,070 yuan/mt, down 0.12% from the previous trading day.