Bulls enter the market, BC copper closes higher [SMM BC Copper Commentary]

Today, the most-traded BC copper 2507 contract opened at 70,370 yuan/mt and closed higher, with bulls increasing their positions. During the night session, the most-traded BC copper contract opened higher with a gap, and the price center surged before pulling back. During the day session, the copper price center was mostly below the daily average line, indicating considerable fluctuations. In the afternoon, the futures market rallied rapidly, peaking at 70,620 yuan/mt. It eventually closed at 70,550 yuan/mt, up 330 yuan/mt or 0.47%, with open interest reaching 3,589 lots and trading volume hitting 4,295 lots.

The SHFE copper 2507 contract closed at 79,290 yuan/mt. Based on the most-traded BC copper 2507 contract price of 70,550 yuan/mt, its after-tax price would be approximately 79,722 yuan/mt. The price spread between the SHFE copper 2507 contract and the most-traded BC copper 2507 contract was -432 yuan/mt, maintaining an inverted spread and narrowing compared to the previous day.