The open interest of the SHFE copper 2505 contract decreased by 6,135 lots today, with the current open interest standing at 38,110 lots, corresponding to a deliverable volume of 190,550 mt. According to the SHFE warrant daily report, the copper futures warrant volume was 19,165 mt. Currently, there is still a significant gap between the open interest and the deliverable volume. However, during the afternoon trading session, as the open interest of the 06 contract increased, the price spread between futures contracts (BACK) for consecutive months narrowed.