The US dollar index fell to a three-year low, while the center of BC copper prices rose. [SMM BC Copper Review]

Today, the international copper 2505 contract opened at 68,890 yuan/mt, closing in the red with a reduction in long positions. During the night session, the international copper contract opened significantly lower, hitting a low of 68,050 yuan/mt in the morning before rebounding. In the afternoon, it rebounded above the daily average line, eventually closing at 68,690 yuan/mt, up 0.94%. The trading volume was 5,083, and the open interest reached 3,166 lots, a decrease of 188 lots from the previous trading day.

On the macro front, India imposed a 12% tariff on certain steel products for 200 days, while the US plans to impose new tariffs on solar products imported from Cambodia, Thailand, Malaysia, and Vietnam. Trump repeatedly criticized Powell, leading to reduced investor confidence in US assets and a sharp drop in the US dollar index. With the US dollar index falling and increased tariff policies, copper prices rose.

The SHFE copper 2505 contract closed at 77,330 yuan/mt. Based on the international copper 2505 contract price of 68,690 yuan/mt, its post-tax price is approximately 77,620 yuan/mt. The price spread between the SHFE copper 2505 contract and the international copper 2505 contract was -290 yuan/mt, maintaining an inverted spread.