Move downwards after a higher opening, BC copper closes lower [SMM BC Copper Commentary]

Today, the most-traded BC copper 2506 contract opened at 69,780 yuan/mt and closed in the red, indicating a reduction in long positions. Overnight, the most-traded BC copper contract opened higher with a gap, reaching a high of 69,910 yuan/mt, with the price center oscillating downward to below the daily average line during the session. During the daytime session, copper prices briefly surged after the opening before pulling back. In the afternoon, the price center moved lower, touching a low of 69,490 yuan/mt, and eventually closed at 69,580 yuan/mt, unchanged from yesterday's settlement price, with a 0% change. Open interest reached 1,435 lots, and trading volume amounted to 2,124 lots.

The most-traded SHFE copper 2506 contract closed at 78,200 yuan/mt. Based on the most-traded BC copper 2506 contract price of 69,580 yuan/mt, its after-tax price is approximately 78,625 yuan/mt. The price spread between the SHFE copper 2506 contract and the BC copper 2506 contract is -425 yuan/mt, maintaining an inversion and narrowing compared to the previous trading day.