📌 *Base Metal Overnight Update*

Advisory Bazaar Info Services

🔶 Copper Futures

🔹 On Friday evening, LME copper opened at $13,474.5/mt. In early trading, prices moved rangebound and touched a high of $13,527/mt. Thereafter, the price center gradually shifted downward, hitting a low of $13,290/mt before closing at $13,296/mt, up 0.28%.

🔹 Trading volume stood at 25,300 lots, while open interest declined by 497 lots to 315,000 lots, mainly due to short covering.

🔹 The most-traded SHFE copper 2604 contract opened at 104,230 yuan/mt, climbed to 104,520 yuan/mt, and then trended lower throughout the session, touching 103,100 yuan/mt. It finally settled at 103,280 yuan/mt, up 0.45%.

🔹 Trading volume was 77,700 lots, and open interest fell by 2,150 lots to 202,000 lots, indicating bears reducing positions.

🔶 Aluminum Futures

🔹 During the February 27 night session, the most-traded SHFE aluminum 2604 contract opened at 23,815 yuan/mt, reached a high of 23,885 yuan/mt and a low of 23,710 yuan/mt, and closed at 23,730 yuan/mt, down 105 yuan/mt or 0.44%.

🔹 Open interest during the night session increased by 1,102 lots to around 260,000 lots.

🔹 LME aluminum opened at $3,144.5/mt, touched a high of $3,173/mt and a low of $3,128.5/mt, and closed at $3,141.5/mt, unchanged. Trading volume fell to 20,593 lots, while open interest declined by 5,094 lots to 678,000 lots.

🔶 Lead Futures

🔹 LME lead opened at $1,977.5/mt and moved higher during the Asian session, attempting to test the $2,000 mark. However, rising geopolitical tensions triggered risk aversion, leading to a sharp decline overnight. Prices hit a low of $1,958/mt and closed at $1,960/mt, down 0.96%.

🔹 The most-traded SHFE lead 2604 contract opened at 16,805 yuan/mt and initially rose to 16,910 yuan/mt on positive domestic macro sentiment. Later, tracking LME weakness and amid rising domestic inventory pressure, it reversed and closed at 16,770 yuan/mt, down 0.12%.

🔹 Open interest increased by 969 lots to 64,813 lots.

🔶 Zinc Futures

🔹 LME zinc opened at $3,372.5/mt and hovered near its daily average in early trading. During European hours, it climbed to $3,389.5/mt before profit-taking by bulls pushed prices lower. It touched a low of $3,305/mt and closed at $3,308/mt, down $58.5/mt or 1.74%.

🔹 Trading volume rose to 10,342 lots, while open interest dropped by 3,669 lots to 226,000 lots.

🔹 The most-traded SHFE zinc 2604 contract opened at 24,540 yuan/mt, briefly rose to 24,600 yuan/mt, and then weakened as bears added positions. It hit a low of 24,405 yuan/mt and settled at 24,445 yuan/mt, down 265 yuan/mt or 1.07%.

🔹 Trading volume declined to 63,095 lots, while open interest increased by 4,245 lots to 99,119 lots.

🔶 Tin Futures

🔹 The most-traded SHFE tin contract remained firm during the night session, hovering at higher levels and closing at 455,610 yuan/mt, up 5.65%.