📌 *Base Metal Overnight Update*
Advisory Bazaar Info Services
🔹 Copper Futures
LME copper opened at $12,940.5/mt, touched an early high of $13,107/mt, then moved lower. After hitting a low of $12,758/mt, prices traded rangebound and finally closed at $12,900/mt, down 1.3%.
Trading volume stood at 49,000 lots (↓2,065), while open interest declined by 5,673 lots to 327,000 lots, indicating long liquidation.
The most-traded SHFE copper 2603 contract opened at 101,490 yuan/mt, slid to a low of 99,500 yuan/mt, and settled at 100,820 yuan/mt, down 1.1%.
Trading volume dropped sharply to 180,000 lots, and open interest fell by 7,130 lots to 188,000 lots, mainly reflecting short covering.
🔹 Alumina Futures
The most-traded alumina 2605 contract opened at 2,796 yuan/mt, rose to 2,843 yuan/mt, dipped to 2,783 yuan/mt, and closed at 2,821 yuan/mt, up 49 yuan/mt.
Open interest increased by 270 lots to 376,000 lots. Cautious trading persisted, while refinery maintenance and production halts offered support.
🔹 Lead Futures
LME lead opened at $1,995/mt but weakened amid broad losses in precious and base metals, touching a low of $1,952.5/mt—the lowest in nearly 1.5 months. It settled at $1,970.5/mt, down 1.23%.
The most-traded SHFE lead 2603 contract opened at 16,690 yuan/mt. Inventory buildup and bearish sentiment pushed prices to 16,565 yuan/mt, a 10-month low, before a mild recovery. The contract settled at 16,675 yuan/mt, down 0.77%.
Open interest declined by 1,036 lots to 55,993 lots.
🔹 Zinc Futures
LME zinc opened at $3,370/mt, fell to $3,238/mt, rebounded to $3,377/mt, and closed at $3,318.5/mt, down 1.53%.
Trading volume rose to 153,000 lots, while open interest fell by 3,702 lots to 236,000 lots.
The most-traded SHFE zinc 2603 contract opened at 24,975 yuan/mt, dipped to 24,615 yuan/mt, then rallied on short-covering to 25,065 yuan/mt. It finally settled at 24,890 yuan/mt, up 375 yuan/mt (+1.53%).
Trading volume fell to 181,000 lots, with open interest down 4,974 lots at 86,235 lots.
🔹 Tin Futures
The most-traded SHFE tin (SN2603) contract continued its downward move in the night session, extending the previous day’s limit-down trend, and closed at 360,000 yuan/mt, down 12.38%.