Base Metal Morning Update

Advisory Bazaar Info Services

🔶 Copper

* LME Copper opened at $14,088/mt on Friday, rose to an intraday high of $14,359/mt, and then consolidated before closing at $14,226/mt, up 0.31%.

* Trading volume stood at 27,000 lots, while open interest increased by 2,022 lots to 275,000 lots, indicating fresh long-side position building.

* The most-traded SHFE Copper 2610 contract closed at 108,440 yuan/mt, down 0.50%. Open interest declined by 5,979 lots to 193,000 lots, indicating long position reduction.

🔷 Aluminium

* SHFE Aluminium 2610 closed at 24,000 yuan/mt, down 190 yuan or 0.79% from the previous settlement.

* Prices traded below the MA5, MA10 and MA30, but remained above the MA60, indicating resistance to the short-term uptrend and a consolidating correction.

* MACD signals showed some weakening in bullish momentum.

* SHFE Aluminium trading range: 23,700–24,500 yuan/mt.

* LME Aluminium 3M closed at $3,250.50/mt, down 0.18%.

* LME Aluminium trading range: $3,200–3,300/mt.

⚫ Lead

* LME Lead 3M opened at $1,901/mt and closed at $1,892.5/mt, down $8 or 0.42%.

* The intraday range was $1,891–1,904/mt. Open interest increased by 1,738 lots to 171,247 lots, forming a bearish daily candlestick.

* SHFE Lead 2610 closed at 16,050 yuan/mt, down 85 yuan or 0.53%.

* Open interest increased slightly to 63,249 lots, also forming a bearish daily candlestick.

🟢 Zinc

* LME Zinc opened at $3,860/mt, climbed to $3,918/mt, and later pulled back before closing at $3,863.5/mt, up $8.5 or 0.22%.

* Trading volume declined to 18,743 lots, while open interest increased by 3,517 lots to 264,000 lots.

* SHFE Zinc 2610 closed at 26,560 yuan/mt, down 245 yuan or 0.91%.

* SHFE open interest declined by 4,087 lots to 117,000 lots, indicating position reduction.

🟠 Tin

* SHFE Tin fell sharply on September 11, closing at 410,290 yuan/mt, down 15,480 yuan or 3.64% from the previous session.

* The night session extended losses, with prices falling to 404,090 yuan/mt after breaking below the 410,000 yuan/mt level.

* LME Tin closed at $53,200/mt, down $915 or 1.69%.

* Position adjustments were significant, with leading institutions notably adding short positions.

* With the 410,000 yuan/mt level breached, the 400,000 yuan/mt psychological support will remain a key level to watch.

📌 Market Outlook

Base metals showed a mixed trend in the latest session. LME Copper and Zinc remained relatively firm, while SHFE contracts faced selling pressure. Aluminium showed signs of consolidation after facing resistance at higher levels, while Tin witnessed a sharp correction. Traders should closely monitor key technical levels and changes in open interest in the coming sessions.