*Base Metal Overnight Update*
Advisory Bazaar Info Services
🔶 Copper Futures:
Overnight, LME copper opened at $13,653/mt and witnessed high volatility in early trade, touching an intraday high of $13,666/mt. Thereafter, prices moved lower and slipped below $13,512.5/mt. Near the close, copper again traded sharply volatile before settling at $13,516/mt, down 0.69%. Trading volume stood at 23,700 lots, while open interest increased by 1,898 lots to 270,300 lots, indicating fresh short positions in the market.
Meanwhile, the most-traded SHFE copper 2607 contract opened at 104,470 yuan/mt and touched a high of 104,670 yuan/mt during volatile early trading. Prices later declined sharply to a low of 103,800 yuan/mt before recovering marginally to settle at 104,010 yuan/mt, down 0.9%. Trading volume reached 43,400 lots, while open interest declined by 942 lots to 180,500 lots, reflecting long liquidation by bulls.
🔶 Aluminum Futures:
On May 27, LME aluminum opened at $3,675.5/mt, hit a high of $3,700/mt and a low of $3,612/mt, before closing at $3,627.5/mt, down 1.28%.
Although prices continued to trade above the MA5, MA10, MA20, MA40, and MA60 moving averages, the contract slipped below the MA5 in the short term, suggesting slowing upside momentum and near-term technical correction pressure.
Trading volume declined by 1,496 lots to 20,161 lots, while open interest fell by 1,388 lots to 671,000 lots, indicating profit-booking by bulls. The MACD indicator continued to show a golden cross, though narrowing red bars (STICK: 4.35) pointed to weakening upward momentum.
The most-traded SHFE aluminum contract opened at 24,350 yuan/mt during the May 27 night session, touched a high of 24,405 yuan/mt and a low of 24,205 yuan/mt, before closing at 24,275 yuan/mt, down 0.86%.
The contract remained under pressure and traded below the MA5 (24,411.94), MA10 (24,450.79), and MA20 (24,495.60) moving averages, while also staying below the MA40 (24,576.72) and MA60 (24,615.24), indicating a continued bearish structure across short-, medium-, and long-term trends.
Night session trading volume declined by 41,000 lots to 117,000 lots, while open interest increased by 5,000 lots to 293,000 lots, indicating fresh short build-up by bears.
🔶 Lead Futures:
Overnight, LME lead opened at $2,016/mt and initially moved higher during the Asian session, touching a high of $2,021/mt. However, prices weakened during European trading hours and fell to $2,000/mt near the close before settling at $2,001/mt, down 0.72%.
The most-traded SHFE lead 2607 contract opened lower at 16,690 yuan/mt and briefly touched 16,710 yuan/mt in early trade. Following long liquidation, prices declined to a low of 16,580 yuan/mt before settling at 16,615 yuan/mt, down 0.69%.
🔶 Zinc Futures:
Overnight, LME zinc opened at $3,535/mt and initially traded around the daily moving average. During European trading hours, prices attempted to move lower, but buying at lower levels pushed zinc to an intraday high of $3,565.5/mt.
Subsequently, profit-booking by bulls dragged prices lower, with LME zinc settling at $3,507.5/mt, down $20.5/mt or 0.58%.
Trading volume declined to 8,593 lots, while open interest fell by 573 lots to 230,000 lots.
The most-traded SHFE zinc 2607 contract opened at 24,700 yuan/mt and traded around the daily moving average throughout the session. Prices briefly slipped to 24,590 yuan/mt before recovering slightly to settle at 24,715 yuan/mt, down 120 yuan/mt or 0.48%.
Trading volume stood at 62,919 lots, while open interest declined by 1,862 lots to 110,000 lots.
🔶 Tin Futures:
The most-traded SHFE tin contract maintained a range-bound trend during the night session, with prices fluctuating sideways around the 420,000 yuan/mt level.