Advisory Bazaar Info Services

Copper:

LME copper opened at $13,269.5/mt and after early volatility, moved higher to settle at $13,322/mt (+0.05%). Open interest declined, indicating short covering/bear unwinding.

SHFE Copper 2608 settled at 102,740 yuan/mt (+1.16%) after recovering from early weakness. Open interest also declined, suggesting bear position unwinding.

Aluminum:

SHFE aluminum closed at 23,115 yuan/mt (+0.81%). Prices remain below all key moving averages, with a bearish alignment indicating continued weakness. MACD signals stronger downside momentum. Expected trading range: 22,800–23,300 yuan/mt.

LME aluminum closed at $3,179/mt (-0.59%). Technical indicators continue to show bearish pressure. Expected trading range: $3,150–3,200/mt.

Lead:

LME lead settled at $1,901.5/mt (-0.58%) after failing to sustain gains due to selling pressure.

SHFE Lead 2608 closed at 16,170 yuan/mt (-0.52%), forming a small bearish candle after trading below key support levels.

Zinc:

LME zinc rebounded sharply on short covering and closed at $3,500/mt (+1.80%).

SHFE Zinc 2608 gained 1.90% to settle at 24,400 yuan/mt, supported by continued short-covering activity.

Tin:

SHFE Tin 2608 settled at 392,000 yuan/mt (+1.66%) with high volatility. However, capital outflow suggests the rebound was mainly driven by short covering rather than fresh buying.

LME Tin closed at $51,000/mt (+1.69%). Despite the recovery, the broader trend remains weak after the previous sharp sell-off.

Market View:

Current recovery in base metals appears largely driven by short-covering rather than strong fresh buying. Traders should remain cautious as broader trends still show mixed to bearish signals.