Base metals mixed in overnight session; copper, aluminum, zinc rise

The overnight split is telling: gains clustered in copper, aluminum and zinc while nickel and alumina slipped, suggesting the move is less a broad risk-on bid than a rotation within the complex. Aluminum's outperformance alongside a firmer alloy print points to pockets of physical tightness rather than uniform demand strength. Whether the nickel and alumina softness persists against the rest of the board firming is the open question — a widening divergence would argue against reading this as a single macro signal.