*Base Metal Overnight Update*
Advisory Bazaar Info Services
Copper: Last Friday night, LME copper opened at $13,354.5/mt, dipped to $13,343/mt in early trading, then recovered to touch $13,392/mt before closing at $13,357.5/mt, up 0.54%. Trading volume stood at 8,500 lots, while open interest declined by 587 lots to 250,000 lots, indicating short covering.
The most-traded SHFE Copper 2608 contract opened at 102,710 yuan/mt and moved in a “W”-shaped pattern, touching a high of 103,010 yuan/mt before settling at 102,790 yuan/mt, up 0.14%. Trading volume was 16,300 lots, while open interest fell by 811 lots to 151,000 lots, indicating long liquidation.
Aluminum: The most-traded SHFE Aluminum contract opened at 22,685 yuan/mt and closed at 22,795 yuan/mt, down 0.20%. Prices rebounded from session lows and closed with a small bullish candle. Short-term downside momentum slowed, supported around 22,250 yuan/mt. Open interest declined by 4,289 lots, indicating long liquidation.
LME aluminum closed at $3,090/mt, up 0.23%, recovering from earlier lows. However, prices continued to trade below medium- and long-term moving averages, keeping the broader bearish trend intact despite improving short-term momentum.
Lead: LME lead opened at $1,870.5/mt and gained strength throughout the session, reaching an intraday high of $1,898/mt before settling at $1,888/mt, up 1.04%.
The SHFE Lead 2608 contract traded in a narrow range and closed at 15,930 yuan/mt, up 0.28%.
Zinc: LME zinc opened at $3,471/mt and rallied steadily to an intraday high of $3,549/mt before closing at $3,548/mt, up 2.17%. Open interest increased by 2,517 lots, indicating fresh buying interest.
The SHFE Zinc 2608 contract closed at 24,470 yuan/mt, up 0.72%, with open interest rising by 494 lots.
Tin: The most-traded SHFE Tin 2608 contract continued its strong rally, closing at 413,170 yuan/mt, up 3.8%. Open interest increased sharply by 4,044 lots to 41,600 lots, reflecting strong market participation.
Overall Trend: Zinc and Tin remained the strongest performers, while Copper and Lead posted moderate gains. Aluminum showed signs of short-term recovery, though the broader trend remains cautious.