The futures market dived in the afternoon. BC copper moved downwards after a higher opening. [SMM BC Copper Commentary]

Today, the most-traded BC copper 2507 contract opened at 69,220 yuan/mt and closed in the red, with the upper side suppressed by the upper Bollinger Band. After the Dragon Boat Festival holiday, the most-traded BC copper contract moved downwards after a higher opening. It briefly surged to 69,610 yuan/mt at the opening before the price center oscillated downwards. In the afternoon, the futures market plummeted, hitting a low of 68,720 yuan/mt. It eventually closed at 68,990 yuan/mt, down 120 yuan/mt or 0.17%, with open interest reaching 2,671 lots and trading volume hitting 4,242 lots.

The SHFE copper 2507 contract closed at 77,650 yuan/mt. If calculated based on the BC copper 2507 contract price of 68,990 yuan/mt, its after-tax price would be approximately 77,959 yuan/mt. The price spread between the SHFE copper 2506 contract and the BC copper 2506 contract was -309 yuan/mt, maintaining an inverted spread.