Copper Prices Strengthen, BC Copper Most-Traded Contract Closes Higher [SMM BC Copper Commentary]

Published: Mar 24, 2025 16:10

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SMM BC Copper Commentary: Copper Prices Strengthen, BC Copper Most-Traded Contract Closes Higher SMM March 24: The most-traded BC copper 2505 contract opened at 71,830 yuan/mt today, closing higher. It operated above the daily average line throughout the day, with its lower shadow piercing through the 10-day line.....

SMM March 24: Today, the most-traded BC copper 2505 contract opened at 71,830 yuan/mt, closing positive for the day, with the overall trend above the daily average, and the lower shadow piercing through the 10-day line. On Friday night, after the opening of the most-traded 05 contract, the futures market declined as longs reduced their positions, hitting bottom at 71,490 yuan/mt before the center rebounded; during the Monday morning trading session, longs took the lead, pushing the center to test the 72,500 yuan/mt level; in the afternoon trading session, with longs increasing their positions, the market continued to rise, breaking through the 73,000 yuan/mt level, reaching a high of 73,070 yuan/mt, and finally closing at 73,030 yuan/mt, up 640 yuan/mt, or 0.88%, mainly due to an increase in long positions. Open interest reached 11,507 lots, an increase of 259 lots from the previous trading day, and trading volume reached 10,528 lots, an increase of 1,452 lots.

Macro side, under the expectation of US tariffs on copper, COMEX and LME copper prices fluctuated, creating arbitrage opportunities for traders. Besides the US, expectations of reduced copper supply heated up, and the US dollar index fluctuated downward, leading to stronger copper prices and gains.

The SHFE copper 2505 contract closed at 81,840 yuan/mt. If calculated based on the 73,030 yuan/mt of the BC copper 2505 contract, the post-tax price would be approximately 82,524 yuan/mt. The price difference between the SHFE copper 2505 contract and the BC copper 2505 contract was -684 yuan/mt, maintaining an inverted spread 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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