BASE METAL OVERNIGHT MARKET UPDATE
Advisory Bazaar Info Services
🔶 Copper Futures
LME Copper closed at $14,285/mt, down 0.15%. Prices moved lower after an early high of $14,383/mt and recovered from a low of $14,214.5/mt. Open interest declined, indicating long liquidation.
SHFE Copper closed at ¥108,570/mt, down 0.05%. Prices traded between ¥108,150–109,300/mt, with open interest also declining, reflecting long liquidation.
🔶 Aluminium Futures
SHFE Aluminium closed at ¥23,925/mt, down 0.02%. The medium-term trend remains positive as prices stayed above key moving averages, although short-term momentum weakened.
📌 SHFE Core Range: ¥23,800–24,400/mt
LME Aluminium closed at $3,242/mt, up 0.56%. Short-term moving averages provided support, while the MA60 offered slight resistance.
📌 LME Core Range: $3,200–3,280/mt
🔶 Lead Futures
LME Lead settled at $1,974.5/mt, supported by a weaker US dollar after falling to $1,948.5/mt.
SHFE Lead 2603 closed at ¥16,665/mt, up 0.48%, after trading in a narrow range. The session formed a doji candle, indicating market indecision.
🔶 Zinc Futures
LME Zinc closed at $3,879.5/mt, down 0.23%, after touching a high of $3,955/mt and a low of $3,859.5/mt.
SHFE Zinc 2610 closed at ¥26,375/mt, down 0.42%. Trading activity increased, while open interest declined marginally.
🔶 Tin Futures
LME Tin closed at $55,223/mt, down 0.55%. Despite the recent inventory rebound to 5,590 MT, stocks remain at historically low levels.
Cancelled warrants stood at 690 MT, with a cancellation ratio of 12.34%. Low inventories and relatively high cancellations continue to provide a squeeze-supportive backdrop, although urgency has eased slightly.
SHFE Tin 2610 closed at ¥417,760/mt, down 1.00%, while the 2609 contract fell 0.99%. The US Dollar Index moved above 99.7 following Warsh’s speech, weighing on base metals.
Overall View: Base metals remained mixed overnight. Copper and zinc faced pressure, aluminium showed relative strength, while lead gained on a weaker dollar. Tin remained under pressure, although historically low inventories continue to offer underlying support.