*Base Metals Overnight Update*

Advisory Bazaar Info Services

Copper:

LME copper opened at $13,433/mt and declined during the session, touching a low of $13,363/mt before settling at $13,373.5/mt, down 2.18%. Open interest fell, indicating long liquidation. SHFE copper 2608 closed at 102,990 yuan/mt, down 0.57%, with rising open interest suggesting fresh bearish positions.

Aluminum:

LME aluminum settled at $3,253.5/mt, down 0.18%, also trading below key moving averages with continued bearish momentum. Suggested range: $3,250–3,450/mt.

SHFE aluminum 2608 closed at 23,425 yuan/mt, down 1.47%, trading below all key moving averages (MA5, MA10, MA30, MA60), indicating a weak bearish structure. MACD continued to signal downside momentum. Suggested range: 23,300–24,000 yuan/mt.

Lead:

LME lead closed at $1,944.5/mt, down 1.04%, pressured by weaker crude oil and a stronger US dollar. SHFE lead remained relatively stable due to ongoing domestic supply maintenance, ending at 16,380 yuan/mt, up 0.06%.

Zinc:

LME zinc dropped sharply by 2.79% to close at $3,501.5/mt due to increased bearish positions. SHFE zinc also weakened, closing at 24,370 yuan/mt, down 1.59%.

Tin:

SHFE tin continued its steep correction, closing at 391,360 yuan/mt, down 4.59% overnight. Combined with the previous session’s losses, the two-day decline approached 30,000 yuan/mt. LME tin also fell over 4%. Strength in the US dollar and weakness across commodities weighed heavily on sentiment, while bearish fund activity accelerated the decline.

Overall Market View:

Base metals remained under pressure due to a stronger US dollar, rising real yields, and broad weakness across commodity markets.