BC copper slightly declined during the day, with the price spread between it and SHFE copper narrowing. [[SMM BC Copper Commentary]]

Today, the International Copper 2505 contract opened at 68,950 yuan/mt, closing the day with a positive candlestick, indicating a reduction in short positions. During the night session, the center of copper prices experienced significant fluctuations. In the morning, copper prices fell sharply, reaching a low of 68,560 yuan/mt before rebounding. In the afternoon, the futures market pulled back from a high of 69,350 yuan/mt, eventually closing at 69,060 yuan/mt, down 0.01%. The trading volume was 3,819 lots, and the open interest reached 2,561 lots, a decrease of 118 lots from the previous trading day.

The SHFE copper 2505 contract closed at 77,760 yuan/mt. If calculated based on the International Copper 2505 contract price of 69,060 yuan/mt, the after-tax price would be approximately 78,038 yuan/mt. The price spread between the SHFE copper 2505 contract and the International Copper 2505 contract was -278 yuan/mt, maintaining an inverted spread and narrowing compared to the previous trading day.