BC Copper Fluctuated and Closed Up 0.59%, Geopolitical Easing Supported Stronger Copper Prices [SMM BC Copper Commentary]

Published: Apr 10, 2026 17:58

Save

Today, the most-traded BC copper contract 2605 opened at 86,560 yuan/mt, swung wildly lower in early trading to touch a low of 86,560 yuan/mt, then fluctuated upward. After the daytime session opened, the copper price center gradually shifted higher to reach 87,590 yuan/mt, ultimately closing at 87,310 yuan/mt, up 0.59%. Open interest stood at 65.48 million lots, an increase of 17 lots from the previous trading day, with trading volume at 2,894 lots, indicating bulls adding positions. On the macro front, Israel sought peace talks with Lebanon, and ceasefire expectations heated up again. Although the fluctuating attitudes of both the US and Iran kept market uncertainty alive, overall sentiment leaned optimistic, supporting copper prices to hold up well. On the fundamentals front, supply side, imported copper arrivals continued, while domestic supply saw reduced arrivals due to maintenance, and suppliers held prices firm and held back from selling, making low-priced sources hard to find in the market. Demand side, copper prices mainly fluctuated at highs, and downstream buyers only made just-in-time procurement.

The SHFE copper 2605 contract closed at 98,440 yuan/mt. Based on the BC copper 2605 contract at 87,310 yuan/mt, its after-tax price was 98,660 yuan/mt. The price spread between the SHFE copper 2605 contract and BC copper was -220, with the inversion maintained and widening compared to the previous day.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.hoursAgo

Venezuela Passes Mining Bill to Attract Foreign and Private Investment, Easing US Restrictions

Venezuela's ruling party-controlled National Assembly on Thursday approved a mining bill expected to open the sector to private and overseas investment, after the US eased restrictions on the country to stimulate external capital investment in its struggling economy.The bill repealed the 1999 and 2015 mining regulations, allowing domestic, overseas, and state-owned and private companies or consortia to mine gold and "strategic minerals." The maximum term for concessions is 30 years, but can be extended by up to two 10-year periods.Under the bill, mineral resources remain state property, disputes can be resolved through arbitration, and a royalty tax of 13% of the total value of minerals is levie.

Common.Time.hoursAgo

Copper Transforms from Weak to Top-Performing Metal, Driven by Supply Concerns and Economic Outlook

Nguyen Thu Lan at Commerzbank noted that copper, once among the weakest-performing metals under pressure from rising London Metal Exchange (LME) inventories and mixed supply side news, has now transformed into one of the best-performing metals.Potential inventory sell-offs and the restart of the Panama mine could suppress price gains in the short term, but the sharp decline in Chilean production suggests that once concerns about economic growth ease, supply worries could dominate, supporting copper prices higher over the longer term.Nguyen said: "Copper is one of the best-performing metals. On the one hand, this can be attributed to copper being viewed as a highly cyclical metal.

Common.Time.hoursAgo

Argentina Passes Mining Bill in Glacier Regions, Sparking Environmental Concerns and Water Security Fears

Argentine lawmakers passed a government-backed reform bill aimed at promoting mining investment in glacier regions. Environmentalists and scientists said the move would weaken related protections and threaten water security.The lower house passed the reform bill with 137 votes in favor, 111 against, and 3 abstentions. The bill took effect immediately upon publication in the official gazette.The reform, driven by the libertarian government of Javier Milei, sparked controversy for allowing provinces to set their own protection standards for glaciers and periglacial areas. Critics said the shift could weaken protections for high-altitude glacial landscapes that serve as vital freshwater reserves.

Common.Time.hoursAgo