Base Metal Overnight Update
Advisory Bazaar Info Services
Copper Futures: Last Friday, LME copper opened at $13,609.5/mt and initially touched a high of $13,661.5/mt before prices gradually weakened to a low of $13,467.5/mt. Later, the market moved sideways and finally closed at $13,544.5/mt, down 3.15%. Trading volume stood at 34,000 lots, while open interest increased by 3,469 lots to 281,000 lots, indicating fresh short positions.
Last Friday evening, the most-traded SHFE copper 2606 contract opened at 104,050 yuan/mt and dipped to 103,810 yuan/mt in early trade. Prices later recovered and touched 104,760 yuan/mt before settling sideways to close at 104,440 yuan/mt, down 0.26%. Trading volume was 38,000 lots, while open interest fell by 3,793 lots to 167,000 lots, indicating long liquidation.
Aluminum Futures: SHFE aluminum closed at 24,305 yuan/mt, down 0.94%. Prices slipped below all major moving averages (MA5=24,556, MA10=24,529, MA30=24,361, MA60=24,584.5), reflecting short-term weakness. MACD indicators remained bearish with expanding negative histogram bars after a death cross, signaling stronger downside momentum. Trading volume declined to 63,900 lots, indicating weaker selling pressure but lack of strong buying support. The recommended trading range for SHFE aluminum is 24,000–24,500 yuan/mt.
LME aluminum closed at $3,556/mt, down 0.45%. Prices remained below MA5 and MA10 but stayed slightly above MA30, suggesting short-term pressure with medium-term support intact. MACD indicators also showed weakening bullish momentum after a high-level death cross. The recommended trading range for LME aluminum is $3,530–3,580/mt.
Lead: Last Friday evening, the most-traded SHFE lead 2026 contract opened lower at 16,570 yuan/mt and continued to weaken, touching a low of 16,405 yuan/mt. Prices later recovered slightly and closed at 16,440 yuan/mt, down 70 yuan/mt or 0.42%.
LME lead opened at $2,013.5/mt and briefly touched $2,014/mt before moving lower to an intraday low of $1,973/mt. Near the close, prices recovered marginally and settled at $1,984/mt, down $28/mt or 1.39%.
Zinc Futures: Last Friday, LME zinc opened at $3,589.5/mt and touched an intraday high of $3,590/mt before declining steadily to a low of $3,510/mt. Prices later hovered near the daily moving average and finally closed at $3,538.5/mt, down $48.5/mt or 1.35%. Trading volume fell to 12,405 lots, while open interest increased by 584 lots to 243,000 lots.
The most-traded SHFE zinc 2606 contract opened at 24,650 yuan/mt and fluctuated around the daily average, touching a high of 24,770 yuan/mt. Near the close, prices slipped to 24,600 yuan/mt before recovering and settling at 24,715 yuan/mt, up 25 yuan/mt or 0.10%. Trading volume declined to 46,996 lots, while open interest dropped by 1,943 lots.
Nickel: The most-traded SHFE nickel 2606 contract witnessed volatile trade with an initial decline followed by recovery during the morning session. The contract finally closed at 142,200 yuan/mt, down 1.17%.