BASE METALS – OVERNIGHT UPDATE

Advisory Bazaar Info Services

🔹 COPPER

* LME Copper settled at $14,192.5/mt, down 0.65%, after trading between $14,185–$14,280/mt.

* Volume stood at 21,000 lots, while open interest declined by 4,800 lots to 265,000 lots, indicating long liquidation.

* SHFE Copper 2610 settled at 108,610 yuan/mt, down 0.83%. Open interest fell by 7,406 lots to 217,000 lots, also indicating long liquidation.

🔹 ALUMINIUM

* SHFE Aluminium closed at 24,075 yuan/mt, up 0.02%. Technical indicators remain positive, with prices above key moving averages and MACD maintaining a bullish crossover.

* Key Range: 23,800–24,400 yuan/mt

* LME Aluminium settled at $3,276.5/mt, up 0.12%. The technical structure remains bullish.

* Key Range: $3,250–$3,320/mt

🔹 LEAD

* LME Lead settled at $1,915/mt, up 0.52%, after trading between $1,902–$1,920/mt.

* Volume was 7,508 lots, with open interest at 172,264 lots.

* SHFE Lead 2610 settled at 16,185 yuan/mt, up 0.15%, showing a small bullish candlestick.

* Night-session volume stood at 27,369 lots, with open interest at 65,629 lots.

🔹 ZINC

* LME Zinc settled at $3,904.5/mt, up 0.64%, after touching a high of $3,990/mt.

* Volume increased to 22,497 lots, while open interest fell by 5,990 lots to 255,000 lots.

* SHFE Zinc 2610 settled at 26,765 yuan/mt, down 1.13%.

* Volume increased to 111,000 lots, while open interest declined by 7,320 lots to 167,000 lots.

🔹 TIN

* LME Tin settled at $54,500/mt, up marginally by 0.01%.

* LME tin inventories stood at around 5,550 mt, while the cancelled warrant ratio was approximately 12%, indicating continued tightness in overseas availability.

📌 MARKET VIEW

Base metals traded mixed overnight. Aluminium, lead and LME zinc remained relatively firm, while copper and tin were comparatively weak. Copper and SHFE zinc saw declines accompanied by lower open interest, indicating position liquidation. Aluminium’s technical indicators continue to support a positive medium-term trend.