Open lower with a gap, BC copper closed down 0.95% [SMM BC Copper Commentary]

Today, the most-traded BC copper 2507 contract opened at 70,000 yuan/mt, closing bearish during the day, indicating a reduction in long positions. During the night session, the most-traded BC copper contract opened lower with a gap, and its price center shifted significantly downward after opening. It once dipped to 69,680 yuan/mt during the session. The price center rose during the day session, peaking at 70,090 yuan/mt. In the afternoon, copper prices pulled back again, eventually closing at 69,780 yuan/mt, down 670 yuan/mt or 0.95%. Open interest reached 3,298 lots, and trading volume amounted to 4,917 lots.

The SHFE copper 2507 contract closed at 78,610 yuan/mt. If calculated based on the BC copper 2507 contract price of 69,780 yuan/mt, its after-tax price would be approximately 78,551 yuan/mt. The price spread between the SHFE copper 2507 contract and the BC copper 2507 contract was -241 yuan/mt, maintaining an inverted spread and narrowing compared to the previous day.