Weakening US dollar boosts BC copper, closing up 0.52% during the day [SMM BC Copper Commentary]

Today, the most-traded BC copper 2507 contract opened at 69,900 yuan/mt and closed with a positive daily candlestick, indicating a reduction in bearish positions. Overnight, the most-traded BC copper contract surged initially before pulling back, reaching a low of 69,620 yuan/mt, after which the center of copper prices rebounded. During the day session, bulls entered the market, driving copper prices higher continuously. In the afternoon, prices surged towards the close, reaching a peak of 70,190 yuan/mt, and ultimately closed at 70,150 yuan/mt, up 360 yuan/mt or 0.52%. Open interest reached 2,822 lots, and trading volume amounted to 3,171 lots.

The most-traded SHFE copper 2507 contract closed at 78,860 yuan/mt. Based on the most-traded BC copper 2507 contract price of 70,150 yuan/mt, its after-tax price would be approximately 79,270 yuan/mt. The price spread between the SHFE copper 2507 contract and the most-traded BC copper 2507 contract was -410 yuan/mt, maintaining an inverted spread and widening compared to the previous day.