BC copper jumped initially and then pulled back, closing up 0.15% intraday [[SMM BC Copper Commentary]]

Today, the most-traded BC copper 2506 contract opened at 68,800 yuan/mt and closed with a bearish candlestick. Overnight, the most-traded BC copper contract opened with volatile upward movement, with the price center continuously rising to a high of 69,540 yuan/mt. During the day session, as long positions were liquidated and short positions entered, the copper price center pulled back rapidly, nearly erasing all the gains from the night session. In the afternoon, the copper price hit a low of 68,680 yuan/mt and eventually closed at 68,750 yuan/mt, up 100 yuan/mt or 0.15%. Open interest reached 2,471 lots, a decrease of 265 lots from the previous trading day, and trading volume amounted to 5,297 lots.

The SHFE copper 2506 contract closed at 77,450 yuan/mt. If calculated based on the BC copper 2506 contract price of 68,750 yuan/mt, its after-tax price would be approximately 77,688 yuan/mt. The price spread between the SHFE copper 2506 contract and the BC copper 2506 contract was -238 yuan/mt, maintaining an inversion and narrowing compared to the previous trading day.