*BASE METAL UPDATE —*

Advisory Bazaar Info Services

Copper – Futures

LME copper opened at $11,609/mt last Friday night, maintaining a “W”-shaped pattern during early trading. After touching a low of $11,556.5/mt, prices gradually strengthened to an intraday high of $11,701.5/mt, finally closing at $11,665/mt, up 2.02%.

• Trading volume: 31,000 lots

• Open interest: 342,000 lots

Overnight, the most-traded SHFE copper 2601 contract opened at 92,520 yuan/mt. Prices dipped to 91,720 yuan/mt after the open, then recovered steadily to hit 92,860 yuan/mt, and closed at 92,380 yuan/mt, up 0.9%.

• Trading volume: 104,000 lots

• Open interest: 228,000 lots

Aluminum – Futures

SHFE aluminum 2601 settled at 22,165 yuan/mt in the night session, down 0.23%.

• Moving averages remain in a bullish alignment, but short-term flattening indicates weakening momentum.

• MA5 (22,165) and MA10 (22,163) are converging above MA30 (22,158.67) and MA60 (22,154.25), reinforcing medium- to short-term support.

• MACD shows DIF (2.8142) > DEA (2.0748) with a positive but shrinking histogram (1.4788), signaling limited upward momentum.

Key Levels:

• Resistance: 22,250–22,350

• Support: 22,000–22,100

LME aluminum closed at $2,900.5/mt, up 0.45%.

• All major moving averages between MA5 ($2,903.30) and MA60 ($2,904.48) are nearly flat, indicating a tight equilibrium market.

• MACD remains below zero, with DIF (–0.4403) and DEA (–0.2512) slowly converging, and the narrowing green histogram (–0.3783) hinting at weakening downward pressure but no clear reversal yet.

Lead – Futures

LME lead opened at $2,015/mt, fluctuating between $2,015–2,020/mt during the Asian session. A stronger US dollar later erased most gains, and LME lead nearly broke below the key $2,000 level before closing at $2,009/mt, down 0.35%.

SHFE lead 2601 opened at 17,340 yuan/mt. Supported by lead ingot destocking, prices attempted to break 17,400 yuan/mt at the open but failed. The contract oscillated around 17,350 yuan/mt and gave back some gains, closing at 17,305 yuan/mt, up 0.03%.

• Open interest: down 421 lots WoW to 44,523 lots

Zinc – Futures

LME zinc opened at $3,086/mt and rallied quickly to an intraday high of $3,125/mt. Bearish activity pushed prices to a low of $3,075.5/mt, before stabilizing. LME zinc closed at $3,098.5/mt, up 0.44% ($13.5/mt).

• Trading volume: down to 110,000 lots

• Open interest: up 503 lots to 222,000 lots

SHFE zinc 2601 opened at 23,190 yuan/mt, declined to 22,965 yuan/mt, and then recovered above the daily average line. It remained rangebound later and closed at 23,065 yuan/mt, down 240 yuan/mt (–1.03%).

• Trading volume: 82,861 lots

• Open interest: down 2,163 lots to 105,000 lots

Tin – Futures

The most-traded SHFE Tin SN2601 contract opened slightly lower and moved within a narrow range throughout the night session. It closed at 316,550 yuan/mt, down 0.47% from the previous session.