BC Copper Most-Traded Contract Records Five-Day Winning Streak; SHFE Copper Price Spread Inversion Continues [SMM BC Copper Commentary]

       Today, the international copper 2505 contract opened at 72,290 yuan/mt. After touching a low of 72,140 yuan/mt during the night, it fluctuated upward. During the day, the strength of the bulls/longs pushed the center of copper prices continuously upward, reaching an intraday high of 72,970 yuan/mt. It finally closed at 72,860 yuan/mt, with a gain of 1.32%. The trading volume was 9,646 lots, and the open interest reached 11,291 lots, an increase of 1,004 lots from the previous trading day. The international copper 2025 contract has closed positively for five consecutive days, and is now far above all moving averages, indicating strong upward momentum and short-term strength.

       On the macro front, under the influence of US tariff policies, COMEX copper futures have reached their highest level since May last year. The premium of COMEX copper prices over LME copper prices has expanded to a record high of over $1,300 per mt. Driven by the price spread, copper prices continued to rise.

      The SHFE copper 2505 contract closed at 81,670 yuan/mt. If calculated based on the international copper 2505 contract at 72,860 yuan/mt, its post-tax price would be approximately 82,332 yuan/mt. The price difference between the SHFE copper 2505 contract and the international copper 2505 contract was -662 yuan/mt, maintaining an inverted spread that continued to widen from the previous trading day.