The Bollinger Upper Band Indicates Pressure, BC Copper Rises by 1.14% [SMM BC Copper Commentary]

Today, the international copper 2505 contract opened at 73,100 yuan/mt. In the early night session, it slightly climbed to the intraday high of 73,260 yuan/mt, then fluctuated downward away from the daily average line, touching the lowest of 72,600 yuan/mt. In the afternoon, short positions were covered and long positions were entered, pushing copper prices back above the daily average line, and finally closing at 73,030 yuan/mt, up 1.14%. The trading volume was 9,259 lots, and the open interest reached 11,405 lots, a decrease of 102 lots compared to the previous trading day.

On the macro side, expectations of a US tariff hike on copper continued to strengthen. The price spread between Comex copper and LME copper remained high, and the market remained concerned about Trump's tariff measures. Amid risk-off sentiment and concerns over supply shortages, copper prices still have upward momentum.

The SHFE copper 2505 contract closed at 81,910 yuan/mt. Based on the international copper 2505 contract price of 73,030 yuan/mt, its post-tax price is approximately 82,524 yuan/mt. The price spread between the SHFE copper 2505 contract and the international copper 2505 contract was -614 yuan/mt, maintaining an inverted spread and narrowing compared to the previous trading day.