Base Metal Overnight Update

Advisory Bazaar Info Services

China Base Metals

China’s base metals traded mostly higher in Friday’s overnight session. SHFE Copper gained 0.49%, although it declined 0.31% on a weekly basis. SHFE Aluminium was nearly unchanged at 23,945 yuan/mt, while SHFE Lead slipped 0.22%. SHFE Zinc rose 0.41%, Tin increased 0.36%, and Nickel edged up 0.07%. The most-traded Alumina futures contract declined 0.19%, while Casting Aluminium gained 0.24%.

Ferrous Metals

Ferrous metals showed mixed performance overnight. Stainless Steel declined 0.49%, Iron Ore fell 0.35%, and Rebar slipped 0.03%. Hot-Rolled Coil gained 0.34%. Coking Coal and Coke strengthened sharply, rising 1.70% and 1.97%, respectively.

LME Base Metals

LME base metals posted broad-based gains overnight. LME Copper rose 0.26%, extending its winning streak to seven consecutive weeks, with a weekly gain of 1.07%. LME Aluminium increased 0.22%, Lead gained 0.26%, Zinc advanced 0.45%, Tin rose 0.36%, and Nickel climbed 0.30%.

Precious Metals

Precious metals remained firm on a weekly basis. COMEX Gold rose 0.26% overnight and recorded its fourth consecutive weekly gain, up 0.73% for the week. COMEX Silver slipped 0.26%, but extended its weekly winning streak to two weeks, gaining 2.09%.

In China, the most-traded SHFE Gold contract gained 0.60%, marking its fourth consecutive weekly advance with a 1.68% weekly gain. SHFE Silver rose 0.57%, extending its winning streak to four weeks with a 3.45% weekly increase.

Market Outlook

The overall overnight trend remained positive across global base metals, with LME Copper continuing its strong seven-week rally. Ferrous metals remained mixed, while precious metals maintained a firm weekly trend. Traders are likely to focus on global economic data, monetary policy expectations, currency movements and physical demand for the next market direction.