BASE METAL UPDATE

Advisory Bazaar Info Services

🔶 COPPER FUTURES

Overnight, LME Copper remained closed due to the UK Summer Bank Holiday.

The most-traded SHFE Copper 2610 contract opened at ¥109,100/mt, dipped to ¥109,050/mt in early trading, then surged to a high of ¥109,980/mt before easing to close at ¥109,350/mt, up 0.62%.

Trading volume stood at 46,500 lots, while open interest reached 223,000 lots, increasing by 2,121 lots from the previous trading day, indicating fresh bullish positioning.

🔶 ALUMINIUM FUTURES

SHFE Aluminium closed at ¥24,015/mt yesterday, up 0.23%, after trading in a range of ¥23,980–24,095/mt.

The suggested core trading range for LME Aluminium is $3,220–$3,280/mt.

🔶 LEAD FUTURES

On Monday, August 31, the LME was closed for the UK Summer Bank Holiday, with trading resuming on Tuesday, September 1.

Overnight, the SHFE Lead 2610 contract opened lower at ¥16,300/mt and quickly fell to a low of ¥16,040/mt. It then consolidated near the lows in the ¥16,035–16,112/mt range before closing at ¥16,075/mt, down ¥295/mt, or 1.80%, from the previous trading day’s close.

Night-session trading volume stood at 46,945 lots, while open interest was 69,374 lots, down 944 lots.

With the LME closed, there was no overnight guidance from overseas markets, and SHFE Lead weakened independently.

🔶 ZINC FUTURES

The LME was closed yesterday due to the UK Summer Bank Holiday.

Overnight, the SHFE Zinc 2610 contract opened at ¥26,660/mt, which was also the intraday low, before moving higher to a high of ¥27,035/mt. It finally closed at ¥26,950/mt, up ¥240/mt, or 0.90%.

Trading volume declined to 85,705 lots, while open interest increased by 5,442 lots to 171,000 lots.

🔶 TIN FUTURES

The LME was closed on August 31 for the UK Summer Bank Holiday.

The SHFE Tin 2609 contract closed at ¥416,960/mt, down 0.99%.

— Advisory Bazaar Info Services