*Base Metals Overnight Update*

Advisory Bazaar Info Services

Copper – Futures:

Overnight, LME copper opened at $11,715/mt. Prices moved lower initially, touching a low of $11,704/mt, before gradually gaining momentum. Copper reached a high of $11,821.5/mt, then eased slightly to close at $11,742.5/mt, up 1.06%. Trading volume stood at 16,800 lots, while open interest increased to 344,000 lots.

Meanwhile, the most-traded SHFE copper 2602 contract opened at 92,830 yuan/mt. Prices moved higher early in the session to a high of 93,500 yuan/mt, before retreating to a low of 92,610 yuan/mt. After volatile trading, the contract closed at 92,860 yuan/mt, up 0.51%. Trading volume was 90,500 lots, with open interest at 228,000 lots.

Aluminum – Futures:

During the night session on December 17, the most-traded SHFE aluminum 2602 contract opened at 21,970 yuan/mt, touched a high of 22,100 yuan/mt, and a low of 21,960 yuan/mt, before closing at 22,065 yuan/mt, up 150 yuan/mt or 0.68%.

On the LME, aluminum opened at $2,883/mt, hit a high of $2,908/mt and a low of $2,876/mt, and closed at $2,906/mt, up 0.82%. Trading volume declined to 16,700 lots, while open interest fell to 670,000 lots.

Zinc – Futures:

Overnight, LME zinc opened at $3,041.5/mt and traded around the daily average initially. Prices dipped to $3,034.5/mt during European hours before gaining strength, reaching a high of $3,085.5/mt. Zinc finally settled at $3,071.5/mt, up $36.5/mt or 1.20%. Trading volume declined to 13,235 lots, while open interest fell by 5,382 lots to 227,000 lots.

The most-traded SHFE zinc 2602 contract opened at 23,030 yuan/mt. Supported by fresh long positions, prices rose to a high of 23,135 yuan/mt and later consolidated around the daily average, settling at 23,065 yuan/mt, up 90 yuan/mt or 0.39%. Trading volume dropped to 48,067 lots, while open interest increased by 515 lots to 81,289 lots.

Lead – Futures:

LME lead opened overnight at $1,945/mt, trading sideways during the Asian session. Prices strengthened in the European session, reaching a high of $1,968/mt. With the KDJ gap narrowing, lead eased slightly toward the close, settling at $1,961/mt, up $19/mt or 0.98%, snapping a three-day losing streak and forming a strong bullish candle.

The most-traded SHFE lead 2601 contract opened higher at 16,840 yuan/mt. Short-covering pushed prices briefly to 16,915 yuan/mt, followed by volatile trade between 16,780–16,870 yuan/mt. The contract closed at 16,825 yuan/mt, up 55 yuan/mt or 0.33%, forming a small bearish candlestick.

Nickel – Futures:

The most-traded SHFE nickel 2601 contract edged higher during the night session before pulling back and consolidating, closing at 113,470 yuan/mt, up 0.66%.

Tin – Futures:

The most-traded SHFE tin SN2601 contract opened slightly higher and extended gains during the night session. Despite a mild pullback, prices closed at 334,240 yuan/mt, up 2.84% from the previous trading day.