Base Metal Morning Update
Advisory Bazaar Info Services
Copper Futures
LME Copper opened at $14,085/mt, touched its high at the open, and then declined throughout the session to a low of $13,958/mt before settling at $14,024.5/mt, down 1.42%. Trading volume was 27,000 lots, while open interest stood at 274,000 lots, down 1,215 lots, indicating long liquidation.
SHFE Copper 2610 opened at ¥106,900/mt and traded between ¥106,650–107,020/mt before settling at ¥106,920/mt, down 3.29%. Volume was 50,000 lots, while open interest fell by 3,283 lots to 185,000 lots, also indicating long liquidation.
Aluminium Futures
SHFE Aluminium 2610 closed at ¥23,990/mt, down 0.06%. Prices fluctuated between ¥23,950–24,055/mt and remained below the MA5, MA10 and MA30, while staying above the MA60. The short-term uptrend continues to face resistance, with prices moving in a narrow consolidation range.
The MACD indicates weakening bullish momentum, with DIF below DEA and a negative green bar. The suggested core trading range is ¥23,600–24,500/mt.
LME Aluminium 3M closed at $3,252.5/mt, up 0.03%, trading within $3,247–3,252.5/mt. Prices remained below the MA5, MA10 and MA30 but above the MA60. The short-term structure remains under pressure, with high-level consolidation followed by a pullback. The suggested trading range is $3,150–3,300/mt.
Lead Futures
LME Lead 3M opened at $1,896/mt, fell to an intraday low of $1,866/mt and later recovered to around $1,883/mt before closing at $1,880/mt, down 0.66%. The trading range was $1,866–1,897/mt, with volume at 9,724 lots and open interest at 175,480 lots.
SHFE Lead 2610 closed at ¥15,840/mt, up 0.09% after trading between ¥15,795–15,850/mt. Night-session open interest increased by 1,212 lots to 65,199 lots, indicating relatively stable buying interest.
Zinc Futures
LME Zinc opened at $3,867/mt, reached a high of $3,873.5/mt and then declined to $3,766.5/mt before settling at $3,804.5/mt, down 1.53%. Volume was 18,287 lots, while open interest increased by 691 lots to 265,000 lots.
SHFE Zinc 2611 settled at ¥26,210/mt, down 0.47%. Prices traded between ¥25,960–26,250/mt. Volume declined to 52,752 lots, while open interest fell by 1,481 lots to 126,000 lots.
Tin Futures
SHFE Tin opened at ¥411,000/mt on September 14 and closed at ¥398,050/mt, down 3.22%. Prices ranged between ¥397,820–411,580/mt, with volume of 124,700 lots and open interest of 36,100 lots.
In the early September 15 night session, the decline continued. The contract opened at ¥395,000/mt and closed at ¥394,730/mt, down another 2.22%, touching a low of ¥392,800/mt. Volume stood at 63,430 lots, while open interest declined to 35,570 lots.
The price decline accompanied by falling open interest suggests continued selling pressure at higher levels, while bargain-hunting demand remains insufficient.
LME Tin 3M was quoted at $52,780/mt, down 1.92%. The SMM #1 Tin average spot price stood at ¥402,600/mt, down ¥8,000/mt, with spot quotations at ¥401,000–404,200/mt.
Overall Outlook
The base metals complex remained mixed to weak, with Copper and Tin facing significant selling pressure. Aluminium continued to consolidate below key short-term moving averages, while Zinc remained under pressure. Lead showed relative stability. Overall, short-term momentum remains cautious, with selling pressure evident in several metals.