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Macro side, during the Chinese New Year holiday, the US dollar index showed an initial rise followed by a decline. US employment and manufacturing data demonstrated resilience, and the US Fed kept interest rates unchanged as expected. On the policy side, the US postponed imposing import tariffs on Mexico and Canada. On the fundamentals side, domestic social inventory increased after the holiday, and copper prices experienced weak fluctuations, closing lower for the day.
The SHFE copper 2503 futures contract closed at 75,290 yuan/mt. Based on the BC copper 2503 futures contract price of 66,730 yuan/mt, its post-tax price is approximately 75,405 yuan/mt. The price spread between the SHFE copper 2503 futures contract and the BC copper 2503 futures contract was -115 yuan/mt, with the spread remaining inverted and narrowing compared to the previous trading day.
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