📊 *Base Metal Overnight Update*
Advisory Bazaar Info Services
🔶 Copper
LME Copper opened at $13,452/mt and witnessed volatile trading. Prices initially declined to $13,395/mt, recovered to an intraday high of $13,608.5/mt, and finally settled at $13,449/mt, down 0.81%. Open interest increased by 976 lots to 267,000 lots, indicating fresh bearish positions.
SHFE Copper 2607 opened at 103,500 yuan/mt, touched a low of 103,480 yuan/mt and a high of 104,340 yuan/mt, before settling at 103,650 yuan/mt, down 0.79%. Open interest fell by 3,255 lots, reflecting long liquidation.
🔶 Aluminum
SHFE Aluminum closed at 23,940 yuan/mt, up 0.02%. Prices continue to trade below major moving averages, maintaining a bearish technical structure. MACD remains in a bearish crossover with strengthening downside momentum. Recommended trading range: 23,700–24,100 yuan/mt.
LME Aluminum settled at $3,484/mt, down 0.29%. Prices remain below all key moving averages, with MACD indicating continued bearish momentum. Recommended trading range: $3,440–3,500/mt.
🔶 Lead
LME Lead opened at $1,981/mt and remained under pressure throughout the session, touching a low of $1,960/mt before closing at $1,962.5/mt, down 0.93%.
SHFE Lead 2607 opened at 16,115 yuan/mt, briefly rose to 16,140 yuan/mt, then weakened and settled at 16,100 yuan/mt, down 0.19%, marking the sixth consecutive bearish session.
🔶 Zinc
LME Zinc opened at $3,549/mt and fell sharply as fresh selling emerged, touching a low of $3,465.5/mt before settling at $3,468.5/mt, down 2.19%. Open interest increased, indicating fresh bearish participation.
SHFE Zinc 2607 opened at 24,480 yuan/mt, rose briefly to 24,580 yuan/mt, then declined to close at 24,280 yuan/mt, down 1.38%. Open interest decreased marginally.
🔶 Tin
The most-traded SHFE Tin contract traded near 400,000 yuan/mt during the night session. After a brief rise, prices eased and settled at 399,700 yuan/mt, down 0.04%.
📌 Market Sentiment: Base metals remained under pressure overnight, with Zinc leading the decline. Rising bearish positions in LME Copper and Zinc suggest cautious market sentiment amid ongoing macroeconomic uncertainties.