*Base Metal Update*

Advisory Bazaar Info Services

Copper – Futures

LME copper opened at $11,810/mt last Friday night. Prices initially moved higher, touching a high of $11,909.5/mt, before the price center shifted downward to a low of $11,451.5/mt. Copper later recovered slightly and finally closed at $11,552.5/mt, down 2.37%. Trading volume stood at 41,600 lots, while open interest increased to 348,000 lots.

The most-traded SHFE copper 2601 contract opened at 93,500 yuan/mt. Prices rose to a high of 94,360 yuan/mt, then gradually declined, touching a low of 90,750 yuan/mt near the end of the session. The contract closed at 91,550 yuan/mt, down 2.13%, with trading volume of 119,800 lots and open interest at 175,000 lots.

Aluminum – Futures

During the night session on December 12, the most-traded SHFE aluminum 2602 contract opened at 22,085 yuan/mt, reached a high of 22,175 yuan/mt, and a low of 21,610 yuan/mt, before closing at 21,775 yuan/mt, down 395 yuan/mt or 1.78%.

LME aluminum opened at $2,893/mt, hit a high of $2,908.5/mt and a low of $2,856.5/mt, before closing at $2,875/mt, down 0.69%. Trading volume rose to 22,900 lots, while open interest increased to 707,000 lots.

Lead – Futures

Overnight, LME lead opened at $1,985/mt and traded range-bound between $1,980–1,990/mt during the Asian session. In the European session, prices weakened sharply, falling to $1,965/mt, where it finally closed, down $17.5/mt or 0.88%, forming a large bearish candlestick.

The most-traded SHFE lead 2601 contract opened at 17,130 yuan/mt. After brief consolidation, it touched a high of 17,165 yuan/mt, then declined to a low of 17,020 yuan/mt, closing at 17,035 yuan/mt, down 90 yuan/mt or 0.53%, also forming a bearish candlestick.

Zinc – Futures

Last Friday, LME zinc opened at $3,192/mt. Prices initially fluctuated near the daily average before rising to a high of $3,210/mt during European trading hours. Subsequently, increased bearish pressure pushed prices down to a low of $3,117.5/mt, with the contract settling at $3,139/mt, down $59/mt or 1.84%. Trading volume declined to 18,376 lots, while open interest rose by 3,372 lots to 223,000 lots.

The most-traded SHFE zinc 2601 contract opened at 23,480 yuan/mt, briefly rose to 23,600 yuan/mt, and then fell sharply as bulls reduced positions. It hit a low of 23,205 yuan/mt before settling at 23,305 yuan/mt, down 300 yuan/mt or 1.27%. Trading volume dropped to 120,000 lots, and open interest decreased by 4,925 lots to 86,449 lots.

Tin – Futures

The most-traded SHFE tin (SN2601) contract pulled back after a brief rise during the night session, slipping below the 330,000 yuan/mt level to close at 329,400 yuan/mt, down 0.3% from the previous trading day.