Bulls enter the market, center of BC copper price rises [SMM BC Copper Commentary]

Today, the most-traded BC copper 2506 contract opened at 68,990 yuan/mt and closed with a positive candlestick, indicating an increase in long positions. During the night session last Friday, the most-traded BC copper contract surged significantly, with short covering and long entry leading to a steady upward shift in the price center. After the day session opened, the copper price center continued to rise, reaching a high of 69,950 yuan/mt during the session. In the afternoon, the price center pulled back slightly and eventually closed at 69,590 yuan/mt, up 450 yuan/mt, or 0.65%. Open interest reached 2,011 lots, and trading volume amounted to 5,102 lots.

The SHFE copper 2506 contract closed at 78,270 yuan/mt. Based on the price of 69,590 yuan/mt for the BC copper 2506 contract, the after-tax price would be approximately 78,637 yuan/mt. The price spread between the SHFE copper 2506 contract and the BC copper 2506 contract was -367 yuan/mt, maintaining an inversion and widening compared to the previous trading day.