The most-traded BC copper contract fluctuates at highs, closing positive for two consecutive days [SMM BC Copper Commentary]

Today, the most-traded BC copper 2507 contract opened at 69,720 yuan/mt and closed higher, with bears reducing their positions. Overnight, the most-traded BC copper contract fluctuated considerably around the daily average line at the start of trading, surging rapidly to a high of 70,020 yuan/mt during the session before pulling back. During the day, copper prices fluctuated at highs, with the lowest point in the range reaching 69,640 yuan/mt. The contract eventually closed at 69,880 yuan/mt, up 480 yuan/mt or 0.69%, with open interest reaching 3,007 lots and trading volume hitting 3,987 lots.

The most-traded SHFE copper 2507 contract closed at 78,570 yuan/mt. Based on the most-traded BC copper 2507 contract price of 69,880 yuan/mt, the after-tax price would be approximately 78,964 yuan/mt. The price spread between the SHFE copper 2507 contract and the most-traded BC copper 2507 contract was -394 yuan/mt, with the spread remaining inverted and widening compared to the previous day.