BC copper jumps initially and then pulls back, closing up 0.3% intraday [SMM BC Copper Commentary]

Today, the most-traded BC copper 2506 contract opened at 69,330 yuan/mt and closed with a positive candlestick, indicating a reduction in short positions. Overnight, the most-traded BC copper contract opened lower but rallied sharply, hitting an intraday high of 69,930 yuan/mt. During the day session, copper prices pulled back, with the price center continuing to decline until a rebound in the afternoon stabilized prices. The contract ultimately closed at 69,630 yuan/mt, up 210 yuan/mt, or 0.3%, with open interest reaching 1,697 lots and trading volume hitting 4,150 lots.

The most-traded SHFE copper 2506 contract closed at 78,210 yuan/mt. Based on the price of the BC copper 2506 contract at 69,630 yuan/mt, its after-tax price is approximately 78,682 yuan/mt. The price spread between the SHFE copper 2506 contract and the BC copper 2506 contract is -472 yuan/mt, maintaining an inversion and widening compared to the previous trading day.