*BASE METAL UPDATE*

Advisory Bazaar Info Services

Copper – Futures

LME copper opened at $11,008.5/mt last Friday night, traded in a narrow range initially and touched a low of $10,986.5/mt. Prices then gradually moved upward, hitting a high of $11,210.5/mt before fluctuating and finally closing at $11,175.5/mt, up 2.25%.

Trading volume reached 22,600 lots, while open interest stood at 334,000 lots.

The most-traded SHFE Copper 2601 contract opened at 87,630 yuan/mt, touched a low of 87,520 yuan/mt, then trended upward to a high of 89,000 yuan/mt. It finally closed at 88,740 yuan/mt, gaining 1.75%, with trading volume of 85,000 lots and open interest of 225,000 lots.

Aluminum – Futures

During the night session on November 28, the most-traded SHFE Aluminum 2601 contract opened at 21,615 yuan/mt, hit a high of 21,800 yuan/mt, a low of 21,575 yuan/mt, and closed at 21,780 yuan/mt, up 0.79%.

LME aluminum opened at $2,830/mt, hit a high of $2,879.5/mt, a low of $2,826.5/mt, and closed at $2,865/mt, up 1.18%.

Trading volume: 19,600 lots

Open interest: 702,000 lots

Lead – Futures

Last Friday, LME Lead opened at $1,983/mt, moved upward during the Asian session on falling inventories, and reached $1,996.5/mt in the European session. Later, increased bearish positions pushed prices down to $1,977/mt, and it finally closed at $1,981/mt.

On Friday evening, the most-traded SHFE Lead 2601 contract opened at 17,100 yuan/mt, touched 17,175 yuan/mt, then weakened as bears added positions. It closed at 17,080 yuan/mt, down 0.06%, forming a bearish “barefoot star” candle.

Zinc – Futures

Last Friday, LME Zinc opened at $3,025/mt and trended upward as short positions were reduced. Despite a brief dip during European trading, prices recovered, and it closed at $3,051/mt, up 0.96%.

Trading volume: 9,061 lots

Open interest: 220,000 lots (down 2,655 lots)

The most-traded SHFE Zinc 2601 contract opened at 22,450 yuan/mt, briefly touched 22,380 yuan/mt, and then held above the daily moving average. It closed at 22,470 yuan/mt, up 115 yuan/mt (0.51%).

Trading volume: 43,107 lots

Open interest: 102,000 lots (up 798 lots)

Tin – Futures

The most-traded SHFE Tin SN2601 contract traded rangebound during the night session, stayed firmly above 300,000 yuan/mt, and closed at 305,980 yuan/mt, up 1.49% from the previous day.