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

Published: Jan 15, 2025 16:24

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[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.

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