*Base Metal Overnight Update*

Advisory Bazaar Info Services

Copper:

LME copper opened overnight at $10,560.5/mt, touched a low of $10,490/mt early in the session, then climbed steadily to a high of $10,659.5/mt near the end, finally closing at $10,620/mt, up 0.42%. Trading volume reached 20,000 lots with open interest at 320,000 lots.

The most-traded SHFE Copper (2512) contract opened at 84,530 yuan/mt, hit a low of 84,510 yuan/mt, and rose to a high of 85,430 yuan/mt, before closing at 85,140 yuan/mt, up 0.09%, with trading volume of 55,000 lots and open interest of 216,000 lots.

Aluminium:

During the Oct. 16 night session, SHFE Aluminium (2512) fluctuated upward and closed 0.60% higher at 21,060 yuan/mt. The MA system showed a bullish alignment (MA5: 20,951 > MA10: 20,900 > MA30: 20,815), and prices remained above moving averages. The MACD indicator maintained a golden cross (DIF: 75.3 > DEA: 61.0) with expanding red momentum bars.

However, trading volume of 51,859 lots was lower than average, suggesting caution due to potential price-volume divergence. Resistance is seen at 21,150–21,250, while support lies at 20,850–20,950. The overall bullish trend remains intact, but a short-term technical pullback cannot be ruled out.

Lead:

LME lead opened at $1,983.5/mt, moved sideways during the Asian session with a high of $1,990.5/mt, then declined through the European session to a low of $1,963/mt, and finally closed at $1,971.5/mt, down 0.73%.

The most-traded SHFE Lead (2511) contract opened lower at 17,090 yuan/mt, dropped to 17,025 yuan/mt, rebounded to hover near the daily average, and closed at 17,045 yuan/mt, down 0.41%.

Zinc:

LME zinc opened at $2,944.5/mt, fluctuated early in the session, then climbed to a high of $2,976/mt, closing at $2,968/mt, up 0.94%. Trading volume fell to 73,273 lots, while open interest rose by 749 lots to 225,000 lots.

The most-traded SHFE Zinc (2511) contract opened at 21,960 yuan/mt, dropped to 21,920 yuan/mt as bulls reduced positions, then rebounded to 22,020 yuan/mt. Prices eased slightly before closing at 21,995 yuan/mt, up 0.25%, with trading volume at 39,144 lots and open interest at 79,622 lots (down 7,453 lots).

Tin:

The most-traded SHFE Tin (2511) contract edged higher during the night session before fluctuating and slightly pulling back, closing at 281,520 yuan/mt, up 0.53% from the previous trading day.