Base Metal Overnight Update
Advisory Bazaar Info Services
Copper Futures: Overnight, LME copper opened at $13,604/mt, dipping to a session low of $13,590/mt amid wild swings in early trading. It then sustained wide fluctuations, climbing to $13,645/mt near the end of the session before finally settling at $13,644.5/mt, up 0.86%. Trading volume reached 15,600 lots, and open interest stood at 244,000 lots, a decrease of 1,039 lots from the previous trading day, with positioning dominated by bear closing. The most-traded SHFE copper 2609 contract opened at 104,490 yuan/mt overnight, dipped to a low of 104,240 yuan/mt at the start of the session, then drifted higher to touch 104,680 yuan/mt, afterward moving sideways. It eventually closed at 104,480 yuan/mt, up 0.69%. Trading volume was 33,800 lots and open interest stood at 192,000 lots, an increase of 1,706 lots from the previous trading day, with positioning led by bull building.
Aluminium Futures: SHFE aluminum closed at 23,030 yuan/mt, down 0.78%. The price was below all key moving averages (MA5=23,035, MA10=23,135, MA30=23,359.83, MA60=23,399.08). The moving-average system was in a bearish alignment, and the weak pattern continued. MACD indicators showed DIF=-196.09 and DEA=-260.78; the golden cross remained, but the histogram narrowed sharply to 129.39 (181.64 the previous day), indicating a rapid fade in bullish momentum and insufficient rebound strength. Trading volume expanded to 91,400 lots, but overall remained at a low level, with market divergence increasing somewhat. The suggested core operating range for SHFE aluminum is 22,800-23,300. LME aluminum closed at $3,138.5/mt, edging up 0.08%. The price was below all key moving averages (MA5=3,154.2, MA10=3,158.85, MA30=3,233.43, MA60=3,417.72). The moving averages were in a bearish alignment, and weakness continued. MACD indicators showed DIF=-62.31 and DEA=-78.14; the golden cross remained, but the histogram narrowed to 31.66 (38.31 the previous day), with bullish momentum weakening. The suggested core operating range for LME aluminum is 3,100-3,160.
Zinc - Last night, LME zinc opened at $3,530.5/mt, and at the beginning of the session it fluctuated around the daily moving average. During European trading, bulls took profits, pushing LME zinc to a low of $3,503/mt. Subsequently, bears reduced positions, and LME zinc drifted higher to touch a high of $3,553/mt during the night session. Towards the end of the session, its center shifted below the daily moving average, and it eventually settled lower at $3,515/mt, down $13/mt or 0.37%, with trading volume decreasing to 9,689 lots and open interest down 2,313 lots to 252,000 lots. Last night, the most-traded SHFE zinc 2609 contract opened at 24,415 yuan/mt. During the session, SHFE zinc fluctuated around the daily moving average, hitting a low of 24,310 yuan/mt and a high of 24,430 yuan/mt. Towards the end, its center moved below the daily moving average, and it settled lower at 24,350 yuan/mt, down 40 yuan/mt or 0.16%, with volume shrinking to 39,085 lots and open interest rising 1,571 lots to 98,789 lots.
Lead - Overnight, LME lead opened at $1,887.5/mt. During the Asian session, it rose before declining, with the session high of $1,888.5/mt. After entering the European session, bears added positions, and LME lead drifted lower to a low of $1,871/mt. Late in the session, some bears took profits and exited, leading to a slight recovery in LME lead, which finally settled at $1,877/mt, down 0.53%.
Overnight, the most-traded SHFE lead 2609 contract opened at 15,840 yuan/mt. After briefly touching a low of 15,790 yuan/mt early in the session, it rebounded as bears reduced positions. Late in the session, it reached a high of 15,900 yuan/mt, and finally settled at 15,895 yuan/mt, up 0.54%.
Nickel - In June 2026, China's refined nickel imports were 25,691 mt, down 15% MoM but up 51% YoY; exports were 1,811 mt, down 82% MoM and 82% YoY; net imports stood at 23,879 mt, with cumulative net imports for the year reaching 137,000 mt. On the import side, Russia and Indonesia dominated, with Russian nickel imports reaching 7,048.77 mt, accounting for 27.44% of total imports, firmly in first place; Indonesian refined nickel imports were 6,734.48 mt, representing 26.21%. Norway (2,366.40 mt, 9.21%), South Africa (1,375.00 mt, 5.35%), Japan (969.71 mt), and Australia (900 mt) provided supplementary supply, mostly long-term contract cargoes for rigid downstream demand in specialized alloys and precision manufacturing. On the export side, the Netherlands was the largest destination, with exports of 705.29 mt accounting for 38.94% of total exports, primarily for delivery and European warehousing transit needs. Neighboring Asian countries India (501.2 mt, 27.67%) and Singapore (401.24 mt, 22.15%) ranked second and third, respectively, together accounting for nearly 89% of total exports.
Tin - LME: Three-month LME tin closed at $53,290/mt on July 20, up 0.11%, edging up on the week; LME tin inventory 7,520 mt, down 75 mt from the previous day, extending its decline and still at a historically low level, with the ratio of cancelled warrants at 20%.
China: The most-traded SHFE tin 2609 contract closed at 412,480 yuan/mt in the July 20 daytime session, up 0.95%, with open interest rising by 1,043 lots to 31,800 lots; in the night session, prices retreated after rapid rise amid disruptions from oil prices and interest-rate expectations, quoted at around 410,610 yuan/mt before and after 23:00 (-1,300 vs the daytime session), and consolidated around 410,000-413,000 in early trading.