Today, the most-traded BC copper 2605 contract opened at 90,990 yuan/mt, touching a low of 90,910 yuan/mt at the start of the session before the center fluctuated upward, reaching 91,600 yuan/mt after the daytime session opened, then the center moved lower to close at 91,080 yuan/mt, up 0.24%. Open interest stood at 2,400 lots, down 1,913 lots from the previous trading day, while trading volume reached 5,060 lots, down 230 lots from the previous trading day. On the macro front, contradictory statements emerged within the US regarding the investigation into Powell: prosecutors announced a halt, but the White House said the investigation was still ongoing. Diplomacy side, Iran's foreign minister delivered ceasefire conditions to Pakistan, while the US Defense Secretary stated that Iran could reach a deal but must never possess nuclear weapons. Military side, Israel's defense minister confirmed strike targets for after the resumption of hostilities, while Iran warned of a severe response to any attacks on its energy facilities and emphasized it still controlled the Strait of Hormuz and that pre-war conditions must not be restored. Fundamentals side, affected by tight bill availability and month-end reluctance to sell, spot cargo circulation on the supply side remained tight; on the demand side, with the Labour Day holiday approaching, downstream players had some restocking demand, and procurement volumes increased.
SHFE copper 2605 contract closed at 102,800 yuan/mt. Based on the BC copper 2605 contract price of 91,080 yuan/mt, the after-tax price was 102,920 yuan/mt. The price spread between the SHFE copper 2605 contract and BC copper was -120 yuan/mt, showing an inversion that narrowed compared to the previous day.
