*Base Metal Overnight Update*

Advisory Bazaar Info Services

Copper Futures:

Last Friday evening, LME copper opened at $13,522.5/mt and initially slipped to $13,484.5/mt before witnessing sharp volatility. Prices later touched an intraday high of $13,583/mt and finally settled at $13,535.5/mt, up 1.59%. Trading volume stood at 29,500 lots, while open interest declined by 1,154 lots to 271,000 lots, indicating short covering.

The most-traded SHFE Copper 2606 contract opened at 104,500 yuan/mt and briefly rose to 104,580 yuan/mt before correcting to 103,690 yuan/mt. The contract later moved sideways and closed at 104,200 yuan/mt, up 0.53%. Trading volume was 50,000 lots, while open interest fell by 1,584 lots to 208,000 lots, also indicating short covering.

Aluminum Futures:

The most-traded SHFE Aluminum 2606 contract closed at 24,380 yuan/mt, down 0.16%. Prices remained below MA5 (24,473), MA10 (24,628), MA30 (24,723), and MA60 (24,518), indicating strong resistance from short- and medium-term moving averages. The MACD indicator remained in negative territory, reflecting continued bearish momentum. The suggested trading range for SHFE aluminum is 23,800–24,800 yuan/mt.

LME Aluminum 3M closed at $3,503.5/mt, marginally higher by 0.04%. Prices traded sideways and remained below MA5, MA10, and MA30, while holding above MA60, indicating that short-term resistance persists but long-term support remains intact. The suggested trading range for LME aluminum is $3,450–3,550/mt.

Lead:

Last Friday, LME lead opened at $1,974/mt and declined to a session low of $1,958/mt during Asian trading hours. However, continued tight supply of lead ingots in Southeast Asia supported prices, leading to a rebound during the European session. Prices touched a high of $1,979/mt before closing at $1,977.5/mt, down 0.99%.

The most-traded SHFE Lead 2606 contract opened higher at 16,740 yuan/mt. Weak spot demand kept prices under pressure, with the contract hitting a low of 16,665 yuan/mt before closing at 16,705 yuan/mt, down 0.03%, forming a small bearish candle.

Zinc Futures:

Last Friday, LME zinc opened at $3,439/mt and moved higher to touch $3,457/mt during European trading hours. However, fresh short positions dragged prices lower, with the contract hitting a low of $3,418/mt before settling at $3,441/mt, down 0.17%. Trading volume increased to 10,480 lots, while open interest rose by 3,121 lots to 240,000 lots.

The most-traded SHFE Zinc 2606 contract opened at 24,205 yuan/mt. Profit-booking by bulls pushed prices lower throughout the session, with the contract touching 24,025 yuan/mt before closing at 24,030 yuan/mt, down 1.01%. Trading volume declined to 45,345 lots, while open interest fell by 4,530 lots to 85,273 lots.

Nickel:

The most-traded SHFE Nickel 2606 contract witnessed a rebound during the morning session and closed at 148,320 yuan/mt, up 0.86%.