BC copper jumped initially and then pulled back, closing up 0.31% intraday [SMM BC Copper Commentary]

Today, the most-traded BC copper 2507 contract opened at 70,310 yuan/mt and closed bearish, deviating from multiple moving averages. During the night session, the most-traded BC copper contract opened higher with a gap, rapidly climbed from a low level to 70,780 yuan/mt in the early session, and then its price center pulled back. The price center of copper continued to move lower during the day session, reaching a low of 70,170 yuan/mt in the afternoon. It finally closed at 70,220 yuan/mt, up 220 yuan/mt or 0.31%, with open interest reaching 3,417 lots and trading volume hitting 5,338 lots.

The SHFE copper 2507 contract closed at 78,880 yuan/mt. If calculated based on the BC copper 2507 contract price of 70,220 yuan/mt, its after-tax price is approximately 79,349 yuan/mt. The price spread between the SHFE copper 2507 contract and the BC copper 2507 contract was -469 yuan/mt, maintaining an inversion and widening compared to the previous day.