Market sentiment weakened, the most-traded BC copper contract recorded three consecutive declines. [SMM BC Copper Review]

Today, the international copper 2505 contract opened at 71,810 yuan/mt, closing in the red for three consecutive days, primarily due to long position reductions. Overnight, the most-traded international copper contract quickly rose at the opening, reaching a high of 72,260 yuan/mt before pulling back rapidly. After the daytime session opened, copper prices continued to fluctuate downward, hitting a low of 70,960 yuan/mt, and finally closed at 71,180 yuan/mt, down 0.92%. The trading volume was 10,683, and the open interest reached 8,270 lots, a decrease of 908 lots from the previous trading day. Macro-wise, the market expects the US copper 232 investigation period to be shortened. With the risk of tariffs being imposed earlier, the cross-market arbitrage space has narrowed, putting pressure on copper prices. Additionally, recently released US economic data showed some weakness, leading to a weakening market sentiment and a continued pullback in copper prices. However, the current focus of the copper market remains on US tariff policies, with short-term attention primarily on the US tariff policy guidance on April 2. The SHFE copper 2505 contract closed at 79,950 yuan/mt. Based on the international copper 2505 contract price of 71,180 yuan/mt, its post-tax price is approximately 80,433 yuan/mt. The price spread between the SHFE copper 2505 contract and the international copper 2505 contract was -483 yuan/mt, maintaining an inverted spread and narrowing compared to the previous trading day.