Bulls exit the market, BC copper closes bearish [[SMM BC Copper Commentary]]

Today, the international copper 2,505 contract opened at 69,790 yuan/mt, closing negative during the day, with bulls reducing their positions. During the night session, BC copper fluctuated rangebound around the daily average line. In the morning session, the futures market surged rapidly, reaching 71,210 yuan/mt before pulling back sharply. In the afternoon, it bottomed out at a high of 68,500 yuan/mt before rebounding and eventually closing at 68,850 yuan/mt, down 0.36%. The trading volume was 716 lots, with open interest reaching 2,310 lots, a decrease of 75 lots from the previous trading day.

The SHFE copper 2,505 contract closed at 77,450 yuan/mt. If calculated based on the international copper 2,505 contract price of 68,850 yuan/mt, its after-tax price would be approximately 77,801 yuan/mt. The price spread between the SHFE copper 2,505 contract and the international copper 2,505 contract was -351 yuan/mt, maintaining an inversion and widening compared to the previous trading day.