Bears exit the market, BC copper closes up 0.67% intraday [SMM BC Copper Commentary]

Today, the most-traded BC copper 2507 contract opened at 69,320 yuan/mt and closed with a positive candlestick, indicating a reduction in bearish positions. Overnight, the most-traded BC copper contract opened higher with a gap, and the price center continued to rise after the opening, stabilizing after reaching a high. During the day session, the futures market continued to fluctuate at highs. After reaching a high of 69,800 yuan/mt at noon, the price center pulled back, eventually closing at 69,610 yuan/mt, up 460 yuan/mt or 0.67%. Open interest reached 2,645 lots, and trading volume amounted to 5,813 lots.

The SHFE copper 2507 contract closed at 78,200 yuan/mt. If calculated based on the BC copper 2507 contract price of 69,610 yuan/mt, its after-tax price would be approximately 78,659 yuan/mt. The price spread between the SHFE copper 2506 contract and the BC copper 2506 contract was -459 yuan/mt, maintaining an inversion and widening compared to the previous day.