SMM January 14 News: Today, the most-traded BC copper 2502 futures contract opened at 67,080 yuan/mt and closed with a bullish candlestick, with the lower shadow piercing through the 5-day and 60-day moving averages. Overnight, the most-traded BC copper contract declined after the opening as bulls reduced positions, hitting bottom at 66,570 yuan/mt before rebounding. During the morning trading session, the futures market center moved upward as bulls dominated, testing the 67,000 yuan/mt level. In the afternoon trading session, the BC copper 2502 contract fluctuated and adjusted, reaching a high of 67,080 yuan/mt and finally closing at 67,020 yuan/mt, up 200 yuan/mt or 0.30%. The increase was mainly attributed to reduced bullish positions, with open interest at 4,915 lots, down 316 lots from the previous trading day, and trading volume at 4,964 lots, down 2,151 lots from the previous trading day.
Macro side, the US dollar pulled back from its high, providing support to copper prices. Meanwhile, China held a series of press conferences on "Achievements in High-Quality Economic Development," and the domestic A-share market strengthened, leading to a rise in copper prices.
The SHFE copper 2502 contract closed at 75,430 yuan/mt. Based on the BC copper 2502 contract price of 67,020 yuan/mt, its post-tax price is approximately 75,733 yuan/mt. The price spread between the SHFE copper 2502 contract and the BC copper 2502 contract was -303 yuan/mt, with the spread remaining inverted and widening compared to the previous trading day.
