*Base Metals Overnight Update*

Advisory Bazaar Info Services

🔹 Copper:

LME copper opened at $12,751/mt and dipped slightly to $12,743/mt early in the session. Prices then moved higher and touched a high of $12,940/mt before settling at $12,918.5/mt, up 1.44%. Trading volume was 19,700 lots, while open interest fell by 5,166 lots to 302,000 lots, mainly due to short covering.

The most-traded SHFE copper 2604 contract opened at 100,020 yuan/mt and fell to 99,820 yuan/mt initially. Prices later recovered and touched 100,420 yuan/mt before closing at 100,190 yuan/mt, up 0.58%. Trading volume stood at 274,000 lots, while open interest declined by 3,315 lots to 190,000 lots.

🔹 Aluminum:

During the night session on March 16, the SHFE aluminum 2605 contract opened at 24,975 yuan/mt, touched a high of 25,080 yuan/mt and a low of 24,865 yuan/mt, and finally closed at 24,970 yuan/mt, down 0.79%.

On the 4-hour chart, MACD formed a bearish crossover, suggesting short-term pullback pressure. Night session open interest increased by 1,876 lots to about 312,000 lots, indicating fresh short positions.

Meanwhile, LME aluminum opened at $3,456/mt, hit a high of $3,494.5/mt and a low of $3,372/mt, and closed at $3,392/mt, down 1.37%. Trading volume was 32,347 lots, while open interest increased by 2,861 lots to 683,000 lots.

🔹 Lead:

LME lead opened at $1,905/mt and traded sideways during the Asian session. In the European session it dipped to $1,883/mt before recovering strongly and touching $1,926/mt. Prices finally settled at $1,925/mt, up 1.16%.

The most-active SHFE lead contract opened higher at 16,450 yuan/mt but quickly dropped to 16,320 yuan/mt. Prices then fluctuated between 16,355–16,405 yuan/mt before closing at 16,405 yuan/mt, up 0.55%, forming a long upper-shadow bearish candle.

🔹 Zinc:

LME zinc opened at $3,297.5/mt and moved lower as bears increased positions, touching a low of $3,255/mt during European trading. After a brief rebound, prices closed at $3,279/mt, down 0.44%. Trading volume rose to 7,502 lots, while open interest increased by 2,947 lots to 218,000 lots.

The most-traded SHFE zinc 2604 contract opened at 23,930 yuan/mt, briefly touched 23,970 yuan/mt, and later slipped to a low of 23,820 yuan/mt before closing at 23,880 yuan/mt, down 0.10%. Trading volume fell to 29,661 lots and open interest declined slightly.

🔹 Tin:

The most-traded SHFE tin contract opened slightly higher in the night session, remained firm near the highs, and closed at 381,840 yuan/mt, up 2.43%.