BC copper shows "V"-shaped reversal, closing up 0.13% intraday [SMM BC Copper Commentary]

Today, the most-traded BC copper 2507 contract opened at 69,380 yuan/mt and closed with a positive candlestick, indicating an increase in long positions. Overnight, the most-traded BC copper contract fluctuated downward at the opening, hitting a low of 69,040 yuan/mt before rebounding. During the day session, the center of copper prices continued to move higher, reaching a peak of 69,600 yuan/mt in the afternoon, and ultimately closed at 69,480 yuan/mt, up 90 yuan/mt or 0.13%. Open interest reached 2,241 lots, and trading volume amounted to 5,299 lots.

The SHFE copper 25067 contract closed at 78,130 yuan/mt. Based on the price of the BC copper 2507 contract at 69,480 yuan/mt, the after-tax price would be approximately 78,512 yuan/mt. The price spread between the SHFE copper 2506 contract and the BC copper 2506 contract was -382 yuan/mt, maintaining an inversion and narrowing compared to the previous trading day.