SMM March 14 News: Today, the most-traded BC copper 2504 futures contract opened at 70,650 yuan/mt, closing with a gain above the daily average line. Overnight, the most-traded BC copper 04 contract opened and tested a low of 70,550 yuan/mt before fluctuating upward as shorts exited the market, testing the 71,000 yuan/mt level. During the morning trading session, as bulls increased positions, the futures market stabilized above 71,000 yuan/mt, with the center moving higher. In the afternoon trading session, the most-traded BC copper 04 contract continued to strengthen, peaking at 71,660 yuan/mt by the end of the session and finally closing at 71,640 yuan/mt, up 750 yuan/mt or 1.06%. The increase was mainly attributed to shorts reducing positions, with open interest at 6,219 lots, down 514 lots from the previous trading day, and trading volume reaching 7,896 lots, an increase of 450 lots from the previous day.
Macro side, the US dollar index hovered at a low level, and base metals showed overall strength. Domestically, the central bank meeting indicated plans to implement RRR cuts and interest rate cuts at an appropriate time, boosting market confidence. The A-share market sentiment was optimistic during the day, which also supported the futures market, pushing copper prices higher again.
The SHFE copper 2504 contract closed at 80,360 yuan/mt. Based on the BC copper 2504 contract price of 71,640 yuan/mt, its post-tax price is approximately 80,953 yuan/mt. The price spread between the SHFE copper 2504 contract and the BC copper 2504 contract was -593 yuan/mt, with the spread remaining inverted and widening compared to the previous trading day.
