SMM, January 3: Today, the most-traded BC copper 2502 futures contract opened lower and trended downward, starting at 64,560 yuan/mt. It closed with a bearish candlestick as the Bollinger lower band crossed the candlestick body. Overnight, the most-traded BC copper contract opened lower with a gap, and after the opening, bears dominated, driving the futures market down to a low of 64,330 yuan/mt before the center rebounded. During the morning trading session, the futures market rose as bears reduced their positions, reaching a high of 64,890 yuan/mt before pulling back due to insufficient momentum. In the afternoon trading session, the BC copper 2502 futures contract fluctuated within the range of 64,360-64,590 yuan/mt, eventually closing at 64,500 yuan/mt, down by 290 yuan/mt or 0.45%. The decline was mainly attributed to an increase in short positions, with open interest reaching 7,356 lots, up by 119 lots compared to the previous trading day, and trading volume reaching 7,868 lots, an increase of 3,469 lots from the previous trading day.
Macro side, the US weekly initial jobless claims released yesterday continued to decline, indicating resilience in the labour market. Overnight, the US dollar index continued to hit a nearly two-year high, exerting significant pressure on copper prices, which closed lower again during the day.
The SHFE copper 2502 futures contract closed at 72,920 yuan/mt. Based on the BC copper 2502 futures contract price of 64,500 yuan/mt, its post-tax price is approximately 72,885 yuan/mt. The price spread between the SHFE copper 2502 contract and the BC copper 2502 contract was 35 yuan/mt, narrowing compared to the previous trading day.
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