*Base Metal Overnight Update*
Advisory Bazaar Info Services
🔹 Copper Futures: Overnight, LME copper opened at $13,508/mt and dipped to $13,454.5/mt in early trading before recovering gradually. Prices touched $13,620/mt near the close and finally settled at $13,610/mt, down 0.33%. Trading volume stood at 17,000 lots while open interest rose by 143 lots to 273,000 lots, indicating fresh short positions.
The most-traded SHFE copper 2607 contract opened at 104,000 yuan/mt and hit a low of 103,620 yuan/mt before recovering steadily. It touched a high of 104,250 yuan/mt and closed at 104,100 yuan/mt, up 0.06%. Trading volume was 34,000 lots while open interest increased by 1,224 lots to 162,000 lots, indicating fresh long positions.
🔹 Aluminum Futures: LME aluminum closed at $3,643/mt, up 0.10%. Prices remained firmly above all major moving averages, maintaining a bullish structure. However, MACD indicators suggested only weak upward momentum. Key trading range for LME aluminum is expected at $3,610–3,660/mt.
SHFE aluminum closed at 24,440 yuan/mt, down 0.39%. Prices settled near the MA5 level but remained below key moving averages, keeping the overall trend bearish. The MACD indicator continued to show strengthening downside momentum. Key trading range for SHFE aluminum is seen at 24,200–24,700 yuan/mt.
🔹 Lead Futures: LME lead opened at $1,980/mt and moved higher through the session, touching $2,006.5/mt before closing at $2,005/mt, up 1.39%.
SHFE lead 2607 opened at 16,700 yuan/mt and traded higher through the session, touching 16,745 yuan/mt before closing at 16,740 yuan/mt, up 0.57%.
🔹 Zinc Futures: LME zinc opened at $3,563/mt and remained under pressure throughout the session. Prices touched a high of $3,575.5/mt and a low of $3,505/mt before settling at $3,542.5/mt, down 0.7%.
The most-traded SHFE zinc 2607 contract opened at 24,755 yuan/mt and traded in a weak range below the daily average line. Prices touched a high of 24,785 yuan/mt and a low of 24,610 yuan/mt before closing at 24,665 yuan/mt, down 0.56%.