Today, the most-traded BC copper 2506 contract opened at 69,260 yuan/mt and closed higher, indicating a reduction in short positions. During the night session last Friday, the most-traded BC copper contract jumped initially and then pulled back, hitting a low of 69,060 yuan/mt before rebounding. During the day session, copper prices formed a "V" shape in the morning, peaking at 69,620 yuan/mt. In the afternoon, the price center remained above the daily average line, eventually closing at 69,590 yuan/mt, up 580 yuan/mt or 0.84%. Open interest reached 2,447 lots, a decrease of 24 lots from the previous trading day, with trading volume at 6,349 lots.
The most-traded SHFE copper 2506 contract closed at 78,260 yuan/mt. Based on the price of 69,590 yuan/mt for the BC copper 2506 contract, the after-tax price would be approximately 78,637 yuan/mt. The price spread between the SHFE copper 2506 contract and the BC copper 2506 contract was -377 yuan/mt, maintaining an inversion and widening compared to the previous trading day.
