The futures market turned downward in the afternoon, with BC copper dropping by 0.16% [SMM BC Copper Commentary].

The international copper 2505 contract opened at 68,880 yuan/mt today, closing in the green with a reduction in short positions. The international copper contract experienced significant volatility, with the center of copper prices generally oscillating upward during the night session. During the day session, the futures market peaked at 69,480 yuan/mt, but turned downward in the afternoon, plummeting to a low of 68,760 yuan/mt, and finally closed at 68,990 yuan/mt, a decrease of 0.16%. The trading volume was 4,323 lots, and the open interest reached 2,679 lots, a decrease of 103 lots compared to the previous trading day. The SHFE copper 2505 contract closed at 77,650 yuan/mt. Based on the international copper 2505 contract price of 68,990 yuan/mt, its after-tax price is approximately 77,959 yuan/mt. The price spread between the SHFE copper 2505 contract and the international copper 2505 contract was -309 yuan/mt, maintaining an inverted spread and narrowing compared to the previous trading day.