Bulls increase positions, center of BC copper prices rises [[SMM BC Copper Commentary]]

Today, the most-traded BC copper 2506 contract opened at 69,140 yuan/mt, closing the day with a positive candlestick, indicating an increase in long positions. After opening overnight, the most-traded BC copper contract surged rapidly, with its price center moving significantly above the daily average line. During the day session, short positions were closed and long positions were entered, pushing copper prices to a high of 69,830 yuan/mt. Subsequently, the futures market turned downward, reaching a low of 68,990 yuan/mt in the afternoon before finally closing at 69,190 yuan/mt, up 250 yuan/mt or 0.36%. Open interest reached 3,113 lots, an increase of 380 lots from the previous trading day, with trading volume reaching 7,918 lots.

The SHFE copper 2506 contract closed at 77,790 yuan/mt. Based on the most-traded BC copper 2506 contract price of 69,190 yuan/mt, its after-tax price is approximately 78,185 yuan/mt. The price spread between the SHFE copper 2506 contract and the most-traded BC copper 2506 contract is -395 yuan/mt, maintaining an inversion and widening compared to the previous trading day.