The Market Awaits US Tariff Policy, BC Copper Fell 0.11% Intraday [SMM BC Copper Commentary]

Today, the international copper 2505 contract opened at 71,190 yuan/mt, closed lower, mainly due to long position reduction. Overnight, the most-traded international copper contract opened lower with a gap, experienced strong intraday volatility, and hit a low of 70,690 yuan/mt. During the day, copper prices continued to rise, reaching a high of 71,260 yuan/mt, and closed at 70,990 yuan/mt, down 0.11%. The trading volume was 8,270, and the open interest reached 6,912 lots, a decrease of 790 lots from the previous trading day.

On the macro front, Trump is expected to announce reciprocal tariffs at 3:00 AM Beijing time on April 3. The market predicts that the policy may include tariff hikes on copper and its products. As the market awaits the tariff announcement, copper prices remain at recent lows amid strong wait-and-see sentiment.

The SHFE copper 2505 contract closed at 79,890 yuan/mt. Based on the international copper 2505 contract price of 70,990 yuan/mt, its post-tax price is approximately 80,219 yuan/mt. The price spread between the SHFE copper 2505 contract and the international copper 2505 contract was -329 yuan/mt, maintaining an inverted spread and widening compared to the previous trading day.