Macro Uncertainty Remains High; Intraday BC Copper Most-Traded Contract Moves Up [SMM BC Copper Commentary]

Published: Jan 10, 2025 16:00

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[SMM BC Copper Commentary: Strong Macro Uncertainty, BC Copper Most-Traded Contract Rose Intraday] SMM, January 10: Today, the most-traded BC copper 2502 futures contract opened at 66,770 yuan/mt, closed with a bullish candlestick intraday, with the lower shadow piercing through the 60-day moving average...

SMM January 10 News: Today, the most-traded BC copper 2502 contract opened at 66,770 yuan/mt and closed with a bullish candlestick, with the lower shadow piercing the 60-day moving average. Overnight, the most-traded BC copper fluctuated rangebound, bottoming at 66,600 yuan/mt. During the morning trading session, the futures market fluctuated within the range of 66,700-66,940 yuan/mt. In the afternoon trading session, the BC copper 2502 contract peaked at 66,980 yuan/mt as bulls increased positions, but the center pulled back towards the end of the session as bulls exited, ultimately closing at 66,820 yuan/mt, up 500 yuan/mt or 0.75%. The increase was mainly driven by bullish position increases, with open interest reaching 5,576 lots, up 10 lots from the previous trading day, while trading volume reached 6,638 lots, down 776 lots from the previous trading day.

Macro side, on the eve of Trump's official inauguration as US President, uncertainties arose regarding his potential tariff policies. Attention is focused on the December US non-farm payrolls and unemployment rate data to be released in the evening. Cold weather in parts of Europe and the US boosted crude oil prices, leading copper prices to fluctuate upward and close higher during the day.

The SHFE copper 2502 contract closed at 75,270 yuan/mt. Based on the BC copper 2502 contract price of 66,820 yuan/mt, its tax-inclusive price is approximately 75,507 yuan/mt. The price spread between the SHFE copper 2502 contract and the BC copper 2502 contract was -237 yuan/mt, with the spread remaining inverted and narrowing compared to the previous trading day.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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