Opening low and closing high, BC copper closes positive [SMM BC Copper Commentary]

Today, the most-traded BC copper 2507 contract opened at 69,160 yuan/mt and closed higher, indicating a reduction in bearish positions. During the night session last Friday, the most-traded BC copper contract initially dipped to 68,990 yuan/mt, then rallied after a lower open, with the price center continuing to rise. During the day session, copper prices dipped slightly at the open before climbing again, reaching a high of 69,840 yuan/mt in the afternoon. It eventually closed at 69,720 yuan/mt, up 150 yuan/mt or 0.22%, with open interest reaching 3,283 lots and trading volume hitting 5,309 lots.

The most-traded SHFE copper 2507 contract closed at 78,550 yuan/mt. If calculated based on the most-traded BC copper 2507 contract price of 69,720 yuan/mt, its after-tax price would be approximately 78,784 yuan/mt. The price spread between the SHFE copper 2507 contract and the most-traded BC copper 2507 contract was -234 yuan/mt, maintaining an inverted spread and narrowing compared to the previous day.