BC copper closed negative for four consecutive days, with the price spread between BC copper and SHFE copper continuing to invert [SMM BC Copper Commentary]

Today, the most-traded BC copper 2506 contract opened at 68,950 yuan/mt, closing in the red for the day, with bulls reducing their positions. Overnight, the center of the most-traded BC copper contract shifted above the daily average line, fluctuating considerably, and surged towards the end of the session, touching an intraday high of 69,400 yuan/mt. During the day session, the center of copper prices plummeted sharply after the opening, continuing to decline in the afternoon, and hit a low of 68,850 yuan/mt towards the end of the session. It eventually closed at 68,890 yuan/mt, down 50 yuan/mt, or 0.07%, with open interest reaching 2,113 lots and trading volume hitting 3,964 lots.

The most-traded SHFE copper 2506 contract closed at 77,540 yuan/mt. If calculated based on the 68,890 yuan/mt price of the BC copper 2506 contract, its after-tax price would be approximately 77,846 yuan/mt. The price spread between the SHFE copper 2506 contract and the BC copper 2506 contract was -306 yuan/mt, maintaining an inversion and widening compared to the previous trading day.