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

Published: May 13, 2025 16:29

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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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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