*Base Metal Overnight Update*

Advisory Bazaar Info Services

Copper: LME copper opened at $12,216/mt and dipped to $12,181.5/mt in early trade. Prices later moved higher, nearing $12,420/mt before settling at $12,382.5/mt, up 1.64%. Trading volume stood at 18,800 lots, while open interest increased by 3,875 lots to 298,900 lots.

SHFE copper (2605) opened at 95,730 yuan/mt, touched a low of 95,550 yuan/mt, and climbed to a high of 96,780 yuan/mt before closing at 96,760 yuan/mt, up 1.26%. Open interest rose by 598 lots to 186,300 lots, mainly due to fresh long positions.

Aluminum: SHFE aluminum (2605) opened at 25,180 yuan/mt and closed at 24,915 yuan/mt, up 0.16%. Prices remained above key short-term moving averages, indicating a continued bullish trend. Medium-term averages remain closely aligned, suggesting a balanced market.

LME aluminum opened at $3,433.5/mt, hit a high of $3,536/mt, and closed at $3,436/mt, down 0.26%.

Lead: LME lead opened at $1,908.5/mt and remained range-bound before dipping below $1,900/mt. It later recovered and settled at $1,907.5/mt, down 0.24%.

SHFE lead (2605) traded in a narrow range of 16,450–16,515 yuan/mt and closed at 16,495 yuan/mt, slightly down by 0.03%. Rising inventory capped gains, while production cut expectations offered support.

Zinc: LME zinc opened at $3,185.5/mt and climbed steadily to close at $3,214/mt, up 1.01%, supported by fresh long positions.

SHFE zinc (2605) closed at 23,695 yuan/mt, up 0.55%, though open interest declined slightly.

Nickel: SHFE nickel (2605) remained range-bound and closed at 135,500 yuan/mt, down 0.1%.

Tin: SHFE tin moved slightly higher initially but later eased, closing at 375,280 yuan/mt, up 1.63%.