Intraday Copper Prices Fluctuated Downward, With BC Copper Most-Traded Contract Closing Slightly Lower [SMM BC Copper Commentary]

Published: Jan 15, 2025 16:24

Save

[SMM BC Copper Commentary: Intraday Copper Prices Fluctuated Downward, BC Copper Most-Traded Contract Closed Slightly Lower] SMM, January 15: Today, the most-traded BC copper 2502 contract opened at 66,900 yuan/mt, closed with a bearish candlestick intraday, and the lower shadow pierced through the 60-day moving average...

SMM January 15 News: Today, the most-traded BC copper 2502 futures contract opened at 66,900 yuan/mt and closed with a bearish candlestick, with the lower shadow piercing the 60-day moving average. Overnight, the most-traded BC copper futures contract rose as bulls dominated, reaching a high of 67,220 yuan/mt. During the morning trading session, the center of the futures market pulled back as bulls reduced positions. In the afternoon trading session, the BC copper 2502 futures contract fluctuated and adjusted, hitting a low of 66,570 yuan/mt and finally closing at 66,810 yuan/mt, down 30 yuan/mt or 0.04%. The decline was mainly attributed to reduced long positions, with open interest at 4,643 lots, down 272 lots from the previous trading day, while trading volume reached 5,638 lots, an increase of 674 lots from the previous trading day.

Macro side, the US December PPI data released overnight showed a pullback, and the US dollar index also pulled back. However, ahead of the announcement of potential US tariff policies and inflation data, copper prices pulled back slightly and closed lower during the day. The December US CPI data will be released tonight, and the market is awaiting further guidance.

The SHFE copper 2502 futures contract closed at 75,140 yuan/mt. Based on the BC copper 2502 futures contract price of 66,810 yuan/mt, its post-tax price is approximately 75,495 yuan/mt. The price spread between the SHFE copper 2502 futures contract and the BC copper 2502 futures contract was -355 yuan/mt, with the spread remaining inverted and widening 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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

15 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

15 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

15 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

15 hours ago