📊 *Base Metals Overnight Update*
Advisory Bazaar Info Services
🔹 Copper Futures
Overnight, LME copper opened at $13,237.5/mt and dipped to a low of $13,235/mt before moving higher to a peak of $13,423.5/mt. Prices later eased and closed at $13,310/mt, down 1.19%. Trading volume stood at 22,000 lots, while open interest rose by 1,083 lots to 276,000, indicating fresh short positions.
SHFE copper (2606) opened at 102,820 yuan/mt, touched a low of 102,620 yuan/mt, and climbed to a high of 103,620 yuan/mt before settling at 103,170 yuan/mt, up 0.38%. Trading volume was 47,000 lots, while open interest declined by 324 lots to 217,000, indicating short covering.
🔹 Aluminum Futures
SHFE aluminum (2606) closed at 25,005 yuan/mt, down 0.22%. Prices slipped below the 10-day moving average but remained supported above the 30- and 60-day averages, indicating medium-term strength. MACD showed a bearish crossover, suggesting weakening momentum.
Expected trading range: 24,700 – 25,200 yuan/mt
LME aluminum closed at $3,604/mt, up 0.17%, moving in a narrow range. The price hovered around key moving averages, while MACD signaled fading bullish momentum.
Expected range: $3,570 – $3,650/mt
🔹 Lead
LME lead opened at $1,964.5/mt and declined to a low of $1,945/mt before recovering slightly to close at $1,947.5/mt, down 0.81%. Weak sentiment persisted despite falling overseas inventories.
SHFE lead (2606) traded sideways between 16,630–16,660 yuan/mt and closed at 16,665 yuan/mt, down 0.09%. Open interest declined by 566 lots to 70,493 lots.
🔹 Zinc
LME zinc opened at $3,468.5/mt, touched a high of $3,474/mt, and later slipped to close at $3,454/mt, down 0.36%. Open interest increased by 1,971 lots, indicating fresh selling pressure.
SHFE zinc (2606) opened at 24,370 yuan/mt and moved in a narrow range before closing at 24,315 yuan/mt, down 0.10%. Open interest rose by 922 lots to 103,000 lots.
🔹 Nickel
SHFE nickel (2606) showed strong momentum, rising above 146,000 yuan/mt and closing at 145,900 yuan/mt, up 2.63%.
🔹 Tin
SHFE tin edged higher, closing at 391,490 yuan/mt, up 0.11%, with prices holding firm near the upper range.