Sharp decline in the afternoon session, BC copper closes lower at 0.35% [SMM BC Copper Commentary]

Today, the most-traded BC copper 2506 contract opened at 69,040 yuan/mt and closed in the red, with bulls reducing their positions. Overnight, the most-traded BC copper contract opened lower with a gap, and the price center oscillated downward in early trading. After hitting a low of 68,940 yuan/mt, the price stopped falling and rebounded. During the day session, the price center of copper prices rose, reaching a high of 69,430 yuan/mt. In the afternoon, the price center pulled back and fell sharply, eventually closing at 69,030 yuan/mt, down 240 yuan/mt or 0.35%. Open interest reached 1,826 lots, and trading volume reached 3,927 lots.

The most-traded SHFE copper 2506 contract closed at 77,790 yuan/mt. If calculated based on the 69,030 yuan/mt price of the BC copper 2506 contract, the after-tax price would be approximately 77,904 yuan/mt. The price spread between the SHFE copper 2506 contract and the BC copper 2506 contract was -114 yuan/mt, maintaining an inversion and narrowing compared to the previous trading day.