BC Copper 2605 Swung Wildly Before Closing Higher, Market Waited and Watched as US-Iran Talks Turned Cold [SMM BC Copper Commentary]

Today, the most-traded BC copper contract 2605 opened at 90,970 yuan/mt, fluctuated upward to a high of 91,350 yuan/mt in early trading, then the price center gradually shifted lower to a low of 90,640 yuan/mt. After the day session opened, it maintained wild swings trending higher, ultimately closing at 91,160 yuan/mt, up 0.32%. Open interest stood at 6,248 lots, down 101 lots from the previous trading day, and trading volume was 3,139 lots, indicating bears reducing positions. On the macro front, US-Iran talks resumed, with the Iranian side expressing sincerity, but the US side remained lukewarm. The market broadly adopted a wait-and-see approach regarding whether the US-Iran talks could advance and the outcome of Warsh's confirmation hearing, and copper prices moved sideways. Fundamentals side, on the supply end, arrivals of imported copper increased, while domestic supplies were tight due to smelter maintenance; on the demand end, copper prices fluctuated at highs, and downstream buyers mainly made just-in-time procurement.

SHFE copper 2606 contract closed at 102,640 yuan/mt. Based on the BC copper 2605 contract at 91,160 yuan/mt, its after-tax price was 103,010 yuan/mt. The price spread between SHFE copper 2606 and BC copper was -370, remaining inverted but narrowing compared to the previous day.