*Base Metal Overnight Update*
Advisory Bazaar Info Services
Copper Futures: Overnight LME copper opened at $14,142/mt. Prices initially eased to $14,058/mt in early trade, then rebounded sharply to touch $14,175/mt before settling at $14,083/mt, up 0.02%. Trading volume stood at 22,600 lots, while open interest increased by 1,876 lots to 275,000 lots, indicating fresh long build-up.
The most-traded SHFE Copper 2606 contract opened at 108,110 yuan/mt and remained volatile throughout the session. Prices climbed to an intraday high near 108,980 yuan/mt before closing at 108,520 yuan/mt, up 0.38%. Trading volume reached 45,000 lots, while open interest declined by 3,326 lots to 201,000 lots, indicating short covering.
Aluminum Futures: The most-traded SHFE Aluminum 2606 contract closed at 24,885 yuan/mt, up 1.32%. Prices remained above the MA5, MA10, MA30, and MA60 moving averages, indicating strong technical support and a possible upside breakout. The MACD indicator continued to show weakening bearish momentum. The suggested trading range for SHFE aluminum is 24,500–25,500 yuan/mt.
LME Aluminum 3M closed at $3,660/mt, up 0.25%. Prices stayed above all key moving averages, reflecting a firm bullish trend across short-, medium-, and long-term charts. The MACD indicator showed strengthening positive momentum. The suggested trading range for LME aluminum is $3,550–3,700/mt.
Lead: Overnight, LME lead opened at $1,996.5/mt and briefly touched a low of $1,995.5/mt during the Asian session. Strong buying momentum during European trading pushed prices to a high of $2,016/mt before settling at $2,004/mt, up 0.33%, marking a near four-month high.
The most-traded SHFE Lead 2606 contract opened at 16,655 yuan/mt and traded in a narrow range between 16,625–16,675 yuan/mt before closing at 16,640 yuan/mt, up 0.15%.
Zinc Futures: Overnight, LME zinc opened at $3,536/mt and remained volatile around the daily average. Strong buying interest later pushed prices to a multi-year high of $3,582.5/mt before settling at $3,552/mt, up 0.55%. Trading volume increased to 15,506 lots, while open interest rose by 488 lots to 242,000 lots.
The most-traded SHFE Zinc 2606 contract opened at 24,830 yuan/mt. Prices moved higher on fresh long additions and touched an intraday high of 24,970 yuan/mt before easing slightly to close at 24,915 yuan/mt, up 0.34%. Trading volume declined to 50,281 lots, while open interest rose marginally to 91,706 lots.
Nickel: The most-traded SHFE Nickel 2606 contract opened lower and remained under pressure throughout the session, closing at 144,600 yuan/mt, down 1.06%.
Tin Futures: The most-traded SHFE tin contract edged higher during the night session and traded sideways near the 430,000 yuan/mt level before closing at 438,920 yuan/mt, up 2.12%.