*BASE METAL UPDATE*

Advisory Bazaar Info Services

Copper – Futures:

LME Copper opened at $11,205.5/mt overnight and saw sharp early fluctuations, hitting a high of $11,268/mt. Prices later drifted lower to test $11,138/mt, moved sideways, and finally closed at $11,145/mt, down 0.78%. Trading volume stood at 21,300 lots, while open interest reached 333,000 lots.

The most-traded SHFE Copper 2601 contract opened at 89,100 yuan/mt, touched a high of 89,450 yuan/mt, then moved lower to test 88,550 yuan/mt toward the close, and finally settled at 88,590 yuan/mt, down 0.56%, with 70,700 lots traded and 223,000 lots open interest.

Aluminum – Futures:

In the December 2 night session, SHFE Aluminum 2601 opened at 21,940 yuan/mt, hitting a high of 21,955 yuan/mt and a low of 21,825 yuan/mt, before closing at 21,840 yuan/mt, down 70 yuan/mt (0.32%).

Technically, MA lines showed divergence (MA5: 21,856 > MA10: 21,689 > MA20: 21,573 < MA40: 21,638). MACD on the 4-hour chart continued to show red bars with a golden cross (DIFF: 76.01, DEA: 29.70).

Open interest in the night session stood at 255,000 lots, slightly lower than the daytime session.

LME Aluminum opened at $2,885/mt, reached a high of $2,904.5/mt, a low of $2,850.5/mt, and closed at $2,863.5/mt, down 0.85%. Trading volume fell to 19,700 lots, while open interest rose by 370 lots to 701,000 lots.

Lead – Futures:

LME Lead opened at $1,990.5/mt, moved higher during Asian hours to $2,009.5/mt, then turned volatile during the European session as bears added positions. It dropped to $1,988/mt and finally settled at $1,993.5/mt, down $6/mt (0.30%), forming a small bullish candle.

SHFE Lead 2601 opened lower with a gap at 17,170 yuan/mt, fluctuated around the daily average, hit a low of 17,140 yuan/mt, and closed at 17,165 yuan/mt, down 15 yuan/mt (0.09%), forming a small bearish candle.

Zinc – Futures:

LME Zinc opened at $3,084/mt, consolidated early, then rose to $3,105/mt during European hours. Heavy selling at higher levels pushed prices lower, and it closed at $3,055.5/mt, down $35.5/mt (1.15%). Trading volume dropped to 10,631 lots, while open interest increased by 2,708 lots to 221,000 lots.

SHFE Zinc 2601 opened at 22,745 yuan/mt, consolidated around the daily average, touched a high of 22,800 yuan/mt and a low of 22,700 yuan/mt, and finally closed at 22,715 yuan/mt, up 10 yuan/mt (0.04%). Trading volume fell to 52,529 lots, and open interest dropped by 1,272 lots to 105,000 lots.

Nickel – Futures:

The most-traded SHFE Nickel 2601 contract closed the night session at 117,060 yuan/mt, down 0.58%. In the morning session, it moved higher and closed at 117,930 yuan/mt, up 0.16%.

Tin – Futures:

The most-traded SHFE Tin SN2601 contract opened slightly lower in the night session, then rebounded and closed at 306,410 yuan/mt, up 0.20%.