BC Copper 2603 contract fluctuated and closed higher, macro tailwinds boosted copper prices [SMM BC Copper Review]

Today, the most-traded BC copper 2603 contract opened at 90,300 yuan/mt. At the beginning of the session, the price center gradually moved down, testing a low of 89,810 yuan/mt, then fluctuated upward. After the daytime session opened, it fluctuated upward again, reaching a high of 91,230 yuan/mt, and finally closed at 91,050 yuan/mt, up 1.04%. Open interest fell to 2,063 lots, down 543 lots from the previous trading day, while trading volume reached 3,676 lots, indicating bear position reduction. On the macro front, the US Supreme Court ruled that large-scale tariff hikes are illegal, easing market risk aversion sentiment and pushing the US dollar index lower, which is positive for copper prices. On the fundamentals side, imported copper continued to arrive, keeping supply loose; downstream demand gradually resumed after the holiday, with consumption slowly recovering.

The SHFE copper 2603 contract closed at 102,460 yuan/mt. Based on the BC copper 2603 contract price of 91,050 yuan/mt, its post-tax price is 102,886 yuan/mt, resulting in a price spread of -426 between the SHFE copper 2603 contract and BC copper. The spread remained inverted and widened significantly.