Today, the most-traded BC copper 2607 contract opened at 92,820 yuan/mt, touched a high of 92,890 yuan/mt at the beginning of the session before the copper price center fluctuated downward, dipping to 91,820 yuan/mt before fluctuating upward, and finally closed at 92,350 yuan/mt, down 0.68%. Open interest stood at 9,731 lots, an increase of 769 lots from the previous trading day, and trading volume reached 7,680 lots, an increase of 2,184 lots from the previous trading day. On the macro front, the US Fed hinted at maintaining stable interest rates, with the future policy path depending on inflation and employment data. Geopolitically, the US-Iran agreement reached an impasse, with Trump refusing to make concessions and threatening to monitor the Strait of Hormuz. Combined with a drone attack on Israel and South Korea summoning the Iranian ambassador over a ship attack, negotiation uncertainties continued to ferment, and copper prices fluctuated downward. Fundamentals side, supply side, domestic source arrivals rebounded slightly, while import arrivals remained tight. Demand side, as copper prices pulled back in stages, downstream stocking willingness improved, and market demand gradually recovered. Inventory side, as of Thursday, May 28, SMM copper inventories in mainstream regions nationwide increased by 1,000 mt WoW from Thursday to 245,200 mt, with total inventories up 106,500 mt compared to the same period last year at 139,900 mt.
SHFE copper 2607 contract closed at 104,150 yuan/mt. Calculated based on the BC copper 2606 contract at 92,350 yuan/mt, its after-tax price was 104,356 yuan/mt. The price spread between SHFE copper 2607 contract and BC copper was -206 yuan/mt, showing an inversion that widened from the previous day.
