US dollar index rises, while BC copper lacks momentum [SMM BC Copper Commentary]

Today, the most-traded BC copper 2506 contract opened at 69,480 yuan/mt, closing bearish during the day, indicating a reduction in long positions. During the night session, the most-traded BC copper contract fell back from highs immediately after opening, with the center of copper prices continuing to move lower. After hitting a low of 68,860 yuan/mt, it stopped falling and rebounded. At the opening of the day session, the center of copper prices shifted lower again in the morning session, stabilized after hitting a low, and then surged again in the afternoon session, with the center oscillating higher. It finally closed at 69,310 yuan/mt, down 40 yuan/mt or 0.06%, with open interest reaching 2,305 lots, a decrease of 142 lots from the previous trading day, and trading volume reaching 5,397 lots.

The SHFE copper 2506 contract closed at 78,090 yuan/mt. If calculated based on the BC copper 2506 contract price of 69,310 yuan/mt, its after-tax price would be approximately 78,320 yuan/mt. The price spread between the SHFE copper 2506 contract and the BC copper 2506 contract was -230 yuan/mt, maintaining an inversion and narrowing compared to the previous trading day.