Macro Sentiment Boosts BC Copper Most-Traded Contract to Halt Decline and Close Higher [SMM BC Copper Commentary]

Published: Feb 19, 2025 16:11

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[SMM BC Copper Commentary: Macro Sentiment Boosts BC Copper Most-Traded Contract to End Decline and Close Higher] SMM reported on February 19: Today, the most-traded BC copper 2503 contract opened at 68,230 yuan/mt, closed with a bullish candlestick during the day, and its upper shadow pierced through the 5-day and 10-day moving averages...

SMM February 19 News: Today, the most-traded BC copper 2503 futures contract opened at 68,230 yuan/mt and closed with a bullish candlestick, with the upper shadow piercing through the 5-day and 10-day moving averages. Overnight, the most-traded BC copper 03 contract opened lower as bulls reduced positions, pushing the futures market to a low of 68,010 yuan/mt. Subsequently, as bulls entered the market, prices moved upward, reaching a high of 68,760 yuan/mt. During the morning trading session, the futures market fluctuated and pulled back as bulls exited. In the afternoon trading session, bulls regained dominance in the tug-of-war, lifting the center of the most-traded BC copper 03 contract. It eventually closed at 68,460 yuan/mt, up 340 yuan/mt or 0.50%. The increase was mainly attributed to bears reducing positions. Open interest reached 4,921 lots, down 17 lots from the previous trading day, while trading volume was 6,664 lots, down 36 lots from the previous trading day.

Macro side, the US tariff policy continued to disrupt the market, with Trump announcing an auto tariff rate of approximately 25%, further heightening traders' sentiment regarding policy uncertainty. Domestically, a private enterprise symposium sent positive signals, boosting optimism in the A-share market, and copper prices rebounded to close higher.

The SHFE copper 2503 contract closed at 77,080 yuan/mt. Based on the BC copper 2503 contract price of 68,460 yuan/mt, its post-tax price is approximately 77,360 yuan/mt. The price spread between the SHFE copper 2503 contract and the BC copper 2503 contract was -280 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.

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