Today, the most-traded BC copper contract 2606 opened at 96,300 yuan/mt, initially rising to 96,680 yuan/mt. After the daytime session opened, the copper price center shifted downward, dipping to 94,570 yuan/mt before moving sideways, ultimately closing at 94,730 yuan/mt, down 1.75%. Open interest stood at 9,638 lots, down 462 lots from the previous trading day, and trading volume was 9,857 lots, down 2,426 lots from the previous trading day. On the macro front, US April PPI surged 1.4% MoM and climbed 6% YoY, marking the largest increase since 2022. Market concerns over rising inflation fueled expectations for US Fed interest rate hikes, putting copper prices under pressure. Fundamentals side, supply side, spot supply landscape remained tight under the influence of delivery logic; demand side, the impact of high copper prices persisted, with subdued market purchasing sentiment.
SHFE copper 2606 contract closed at 106,750 yuan/mt. Based on the BC copper 2606 contract price of 96,300 yuan/mt, the after-tax price was 107,045 yuan/mt. The price spread between SHFE copper 2606 and BC copper was -295 yuan/mt, showing an inversion that narrowed compared to the previous day.
