*Base Metal Overnight Update*

Advisory Bazaar Info Services

Copper – Futures:

LME copper opened overnight at $11,629/mt. Prices initially climbed to a high of $11,683/mt, before fluctuating lower to test a low of $11,585/mt. The contract finally settled at $11,619/mt, down 0.57%. Trading volume stood at 19,900 lots, while open interest was 351,000 lots.

The most-traded SHFE copper 2602 contract opened at 92,210 yuan/mt, rose to 92,390 yuan/mt, then moved lower to a low of 91,610 yuan/mt before closing at 91,830 yuan/mt, down 0.67%. Trading volume was 56,300 lots, and open interest stood at 216,000 lots.

Aluminum – Futures:

LME aluminum opened at $2,872.5/mt, hit a high of $2,886/mt and a low of $2,850/mt, and settled at $2,882.5/mt, up 0.26%. Trading volume rose to 22,100 lots, while open interest declined to 682,000 lots.

During the night session on December 16, the most-traded SHFE aluminum 2602 contract opened at 21,845 yuan/mt, touched a high of 21,885 yuan/mt, and fell to a low of 21,810 yuan/mt, eventually closing at 21,825 yuan/mt, down 20 yuan/mt or 0.09%.

Zinc – Futures:

Overnight, LME zinc opened at $3,085/mt, briefly rose to $3,098.5/mt, then declined as bulls reduced positions, hitting a low of $3,033/mt. It closed at $3,035/mt, down $60/mt or 1.94%. Trading volume increased to 20,961 lots, while open interest fell to 233,000 lots.

The most-traded SHFE zinc 2602 contract opened at 23,005 yuan/mt, rose briefly to 23,025 yuan/mt, then slid to a low of 22,860 yuan/mt, closing at 22,870 yuan/mt, down 175 yuan/mt or 0.76%. Trading volume was 55,403 lots, and open interest declined to 81,731 lots.

Lead – Futures:

Overnight, LME lead opened lower at $1,946.5/mt, traded range-bound around the daily moving average during the Asian session, and extended its fluctuating trend in European trading. Prices eventually settled at $1,942/mt, down $4.5/mt or 0.23%, marking the third consecutive negative close.

The most-traded SHFE lead 2601 contract opened at 16,825 yuan/mt, briefly moved above the daily moving average, then drifted lower and traded range-bound around 16,815 yuan/mt. The contract found support near the lower Bollinger Band and closed at 16,825 yuan/mt, flat on the day, forming a doji.

Tin – Futures:

The most-traded SHFE tin (SN2601) contract opened slightly higher during the night session and hovered near highs, closing at 323,220 yuan/mt, up 0.07%.

Magnesium Raw Material:

• Ex-factory price (ex-tax) for 1–3 cm dolomite (Wutai): 108 yuan/mt, unchanged

• Ex-factory price (ex-tax) for 2–4 cm dolomite (Wutai): 128 yuan/mt, unchanged

• Mainstream ex-factory price for 75 ferrosilicon in Shaanxi: 5,600–5,650 yuan/mt