📊 *Base Metal Overnight Update*
Advisory Bazaar Info Services
🔹 Copper Futures:
Last Friday, LME copper opened at $13,624.5/mt and remained highly volatile during the session. Prices touched a low of $13,575.5/mt and later climbed to a high of $13,678/mt before settling at $13,635/mt, up 0.18%. Open interest declined by 3,435 lots, indicating short covering by bears.
SHFE Copper 2607 contract opened at 104,870 yuan/mt and moved higher after early weakness. The contract touched a low of 104,420 yuan/mt and a high of 105,280 yuan/mt before closing at 105,090 yuan/mt, up 0.58%. Open interest increased by 627 lots, reflecting fresh bullish participation.
🔹 Aluminum Futures: LME aluminum settled at $3,656/mt, up 0.45%, maintaining a strong bullish trend above key moving averages. The MACD indicator continued to support positive momentum, while fresh long positions kept the bullish outlook intact.
SHFE Aluminum closed at 24,470 yuan/mt in the night session, down 0.14%. Prices remained below key moving averages, indicating a bearish technical structure. However, the MACD indicator showed a fresh golden crossover, suggesting bearish momentum may be easing despite continued short additions.
🔹 Lead Futures:
LME lead opened at $2,005/mt and traded sideways during Asian hours. In the European session, prices dipped to $1,995/mt before recovering sharply on short covering. Lead finally settled at $2,013/mt, up 0.4%.
SHFE Lead 2607 contract opened at 16,735 yuan/mt and traded in a narrow range after touching a high of 16,780 yuan/mt. The contract closed at 16,775 yuan/mt, gaining 0.24%.
🔹 Zinc Futures:
LME zinc opened at $3,540/mt and initially slipped to $3,527/mt before recovering toward $3,568/mt during European trading hours. Prices later eased and finally settled at $3,544.5/mt, up marginally by 0.06%. Open interest declined, indicating position unwinding.
SHFE Zinc 2607 contract opened at 24,790 yuan/mt and remained under pressure after early gains. The contract touched a low of 24,695 yuan/mt before closing at 24,740 yuan/mt, down 0.16%. Open interest increased, suggesting fresh selling pressure.
🔹 Tin Futures:
The most-traded SHFE tin contract remained firm during the night session and settled at 422,020 yuan/mt, up 1.09%, supported by strong buying interest at higher levels.