*BASE METAL UPDATE*
Advisory Bazaar Info Services
Copper – Futures:
LME copper opened at $11,402/mt overnight. It fluctuated sharply at the beginning, dipping to $11,382/mt, then moved upward to touch a high of $11,479/mt, before fluctuating again and closing at $11,434/mt, down 0.13%.
• Trading volume: 24,500 lots
• Open interest: 341,000 lots
The most-traded SHFE copper 2601 contract opened at 90,600 yuan/mt, dipped to 90,400 yuan/mt, then fluctuated and touched a high of 91,090 yuan/mt near the end of the session, closing at 90,960 yuan/mt, up 0.19%.
• Trading volume: 65,700 lots
• Open interest: 230,000 lots
Aluminum – Futures:
In the night session of December 4, the most-traded SHFE aluminum 2601 contract opened at 22,015 yuan/mt, hit a high of 22,285 yuan/mt, and a low of 21,990 yuan/mt, closing at 22,235 yuan/mt, up 175 yuan/mt (0.79%).
LME aluminum opened at $2,896/mt, touched $2,911/mt and $2,877.5/mt, closing at $2,887.5/mt, down 0.33%.
• Trading volume: 25,100 lots (down 903 lots)
• Open interest: 706,000 lots (up 5,019 lots)
Lead – Futures:
LME lead opened higher at $1,998/mt. It moved sideways during the Asian session, then rose during European trading due to destocking and increased long positions, touching $2,019.5/mt. It slightly corrected later and closed at $2,016/mt, up 0.88% with a large bullish candle.
The most-traded SHFE lead 2601 contract opened lower at 17,200 yuan/mt, then moved upward to 17,350 yuan/mt, supported by the 10-day MA. It slightly pulled back, closing at 17,305 yuan/mt, up 120 yuan/mt (0.7%), forming a small bullish candle with no lower shadow.
Zinc – Futures:
LME zinc opened at $3,060/mt, fluctuated around the daily average line, and dropped to $3,038.5/mt during European hours. Later, short covering pushed it up to $3,102.5/mt, closing at $3,085/mt, up 0.75%.
• Trading volume: 13,233 lots (decrease)
• Open interest: 222,000 lots (down 810 lots)
The most-traded SHFE zinc 2601 contract opened at 22,835 yuan/mt, fluctuated upward along the daily average line, hitting 23,095 yuan/mt, and closed at 23,010 yuan/mt, up 170 yuan/mt (0.74%).
• Trading volume: 70,416 lots
• Open interest: 107,000 lots (up 899 lots)
Nickel – Futures:
The most-traded SHFE nickel 2601 contract saw a slight rise early on but pulled back to close at 117,700 yuan/mt, down 0.03%.
In the morning session, prices fluctuated downward and were quoted at 117,500 yuan/mt, down 0.2% at midday.
Tin – Futures:
The most-traded SHFE tin SN2601 contract hovered at high levels in the night session and closed at 320,070 yuan/mt, up 0.53% from the previous session.