The center of BC copper prices moved downward, closing with three consecutive negative days [SMM BC Copper Commentary]

Today, the most-traded BC copper 2506 contract opened at 69,000 yuan/mt, closing negative during the day, showing an increase in short positions. During the night session, the most-traded BC copper contract opened lower with a gap, oscillated higher after opening, touched a high of 69,280 yuan/mt, and then plummeted to 68,690 yuan/mt before halting the decline. During the day session, copper prices shifted slightly lower, oscillating below the daily average line. In the afternoon, the futures market rebounded slightly, eventually closing at 68,940 yuan/mt, down 550 yuan/mt, a decline of 0.79%. Open interest reached 2,225 lots, and trading volume reached 5,248 lots.

The SHFE copper 2506 contract closed at 77,820 yuan/mt. If calculated based on the BC copper 2506 contract price of 68,940 yuan/mt, its after-tax price would be approximately 77,920 yuan/mt. The price spread between the SHFE copper 2506 contract and the BC copper 2506 contract was -82 yuan/mt, maintaining an inversion and narrowing compared to the previous trading day.