Base Metals – Overnight Update

Advisory Bazaar Info Services

🔶 Copper

* LME 3M Copper: Closed at $14,812/mt, up 0.57%. The contract touched a record high of $14,858.5/mt, surpassing the previous high of $14,779/mt and marking the third consecutive session of record highs.

* LME Copper Open Interest: Increased by 4,639 lots to 271,000 lots, indicating fresh bullish positioning.

* SHFE Copper 2610: Closed at ¥111,910/mt, up 0.71%, after touching ¥111,950/mt. Open interest rose by 3,238 lots to 232,000 lots.

* COMEX Copper: Also reached a record high of $6.894/lb.

* Outlook: Copper momentum remains strongly bullish, supported by fresh long positions and continued record highs.

🔶 Aluminium

* LME Aluminium: Closed at $3,360/mt, up 0.78%, with an intraday range of $3,321.5–$3,364.5/mt.

* Prices remained above short-term moving averages, while MACD bullish momentum strengthened.

* SHFE Aluminium: Closed at ¥24,650/mt, up 0.37%. Prices continued to consolidate near highs with bullish moving-average alignment.

* Outlook: Technical indicators remain positive, although trading volume moderated.

🔶 Lead

* LME Lead 3M: Closed at $1,909/mt, down 0.31%, after reaching $1,919/mt and retreating from the upper Bollinger Band.

* SHFE Lead 2610: Closed at ¥16,105/mt, down 0.49%. Open interest increased by 1,940 lots.

* Inventories: LME lead stocks declined by 600 mt to 384,450 mt, while SHFE warrant stocks increased by 549 mt to 58,291 mt.

* Outlook: Lead remained under mild pressure after its recent sharp rise.

🔶 Zinc

* LME Zinc: Closed at $4,064/mt, up 1.07%, after touching $4,065/mt. Open interest increased by 1,267 lots.

* SHFE Zinc 2610: Closed at ¥27,820/mt, up 0.31%, with bulls adding positions.

* Inventories: LME zinc stocks increased by 300 mt to 115,675 mt.

* China Domestic Stocks: SMM zinc ingot inventories across seven regions stood at 222,100 mt, down 28,900 mt from August 31 and 10,700 mt from September 3.

* Outlook: Zinc maintained a firm tone, supported by declining domestic inventories and fresh buying.

🔶 Tin

* LME Tin 3M: Closed at $55,218/mt, up 0.65%, with an intraday range of $54,710–$55,445/mt.

* LME Tin Inventory: Fell by 55 mt to 5,415 mt. The canceled warrant ratio reached 26.50%, a historical high.

* SHFE Tin 2610: Closed the night session at ¥424,330/mt, up 1.53%, after trading as high as ¥424,950/mt.

* Open interest stood at 37,300 lots, while trading volume reached 72,300 lots, with fresh bull positioning supporting the rise.

* Outlook: Tin remained strongly bullish in the overnight session.

📌 Overall Base Metals View

Copper, aluminium, zinc and tin maintained a bullish tone overnight, supported by fresh long positions and firm technical indicators. Lead remained comparatively weaker after its recent rally.