The BC copper experienced a volatile adjustment during the day, and the price spread between SHFE copper and it narrowed in an inverted manner. [SMM BC Copper Review]

Published: Apr 1, 2025 15:26

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Today, the international copper 2505 contract opened at 71,080 yuan/mt, closing in the green, primarily driven by short position reductions. Overnight, the most-traded international copper contract opened with a rapid decline, hitting a low of 70,650 yuan/mt before rebounding, fluctuating considerably around the daily average line. After the daytime opening, the center of copper prices fluctuated upward, continuing to rise in the afternoon and reaching a high of 71,550 yuan/mt before closing at 71,450 yuan/mt, down 0.04%. The trading volume was 8,020, and the open interest reached 7,702 lots, a decrease of 568 lots from the previous trading day.

Macro-wise, the uncertainty surrounding US tariff policies has created a cautious sentiment in the market, with concerns that US tariffs could harm the global economy. Meanwhile, the CSPT meeting did not announce further production cut plans, leading to a downward fluctuation in copper prices. Domestically, the manufacturing PMI continued to rise, remaining in expansion territory for two consecutive months, providing bottom support for copper prices. Attention is focused on tomorrow's news regarding US tariff policies.

The SHFE copper 2505 contract closed at 80,430 yuan/mt. Based on the international copper 2505 contract's price of 71,450 yuan/mt, its post-tax price is approximately 80,739 yuan/mt. The price spread between the SHFE copper 2505 contract and the international copper 2505 contract was -309 yuan/mt, maintaining an inverted spread and narrowing compared to the previous trading 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.

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