📊 *Base Metal Friday Overnight Update*
Advisory Bazaar Info Services
🔶 Copper Futures
LME copper opened at $13,246.5/mt, dipped to $13,205/mt, then moved higher to touch $13,380/mt and finally closed at $13,349/mt, up 0.81%. Trading volume stood at 20,000 lots, while open interest fell by 6,199 lots to 280,000 lots, indicating position reduction.
SHFE copper (2606) opened at 102,700 yuan/mt, surged to 103,040 yuan/mt, then dropped to 101,830 yuan/mt before settling at 102,910 yuan/mt, up 0.57%. Trading volume was 64,000 lots, with open interest rising by 8,528 lots to 185,000 lots, indicating bullish sentiment.
🔶 Aluminum Futures
SHFE aluminum closed at 25,185 yuan/mt, down 1.25%. Prices slipped below MA5 but stayed above key medium-term averages (MA10, MA30, MA60), suggesting short-term pressure with a stable bullish trend. MACD shows weakening momentum.
👉 Range: 24,900 – 25,400
LME aluminum closed at $3,576.5/mt, up 0.89%, trading above all moving averages with a bullish setup. Momentum remains positive but slightly weakening.
👉 Range: 3,540 – 3,600
🔶 Lead
LME lead opened at $1,961.5/mt and touched a near 1.5-month high during the European session, supported by Middle East ceasefire news and falling overseas inventories. It later eased to close at $1,959/mt, down 0.18%.
SHFE lead (2605) opened at 16,820 yuan/mt, rose near 16,900 yuan/mt, but later eased due to rising domestic inventories, closing at 16,760 yuan/mt, up 0.24%. Open interest declined by 2,256 lots.
🔶 Zinc Futures
LME zinc opened at $3,421.5/mt, hit a high of $3,482/mt, and closed at $3,429/mt, up 0.25%. Open interest increased by 2,566 lots.
SHFE zinc (2605) opened at 24,190 yuan/mt and closed at 24,230 yuan/mt, up 0.66%. Open interest rose by 7,161 lots, indicating fresh buying interest.
🔶 Tin
Last week, tin prices remained highly volatile. SHFE tin moved from around 370,000 yuan/mt to above 390,000 yuan/mt, driven mainly by changing macro sentiment, and later consolidated at higher levels.
⚠️ Overall Trend: Base metals showed mixed to positive momentum, supported by macro cues, though some counters witnessed profit booking at higher levels.