Bulls entered the market, and BC copper closed up 0.52% [SMM BC Copper Commentary]

Today, the most-traded BC copper 2506 contract opened at 69,090 yuan/mt and closed with a positive candlestick, indicating an increase in long positions. Overnight, the center of the most-traded BC copper contract briefly shifted downward at the start of trading, hitting a low of 769,020 yuan/mt before halting its decline and rebounding. It reached an intraday high of 70,280 yuan/mt in the final session. During the day session, after opening, copper prices pulled back from highs, fluctuating considerably above the daily average line, and eventually closed at 69,520 yuan/mt, up 360 yuan/mt or 0.52%. Open interest reached 2,224 lots, and trading volume amounted to 5,411 lots.

The most-traded SHFE copper 2506 contract closed at 78,100 yuan/mt. Based on the price of 69,520 yuan/mt for the most-traded BC copper 2506 contract, its after-tax price would be approximately 78,558 yuan/mt. The price spread between the SHFE copper 2506 contract and the most-traded BC copper 2506 contract was -458 yuan/mt, remaining inverted and widening compared to the previous trading day.