Move downwards after a higher opening, BC copper closed down 0.43% [SMM BC Copper Commentary]

Today, the most-traded BC copper 2507 contract opened at 70,000 yuan/mt and closed with a bearish candlestick, indicating a reduction in long positions. During the night session, the most-traded BC copper contract initially touched a high of 70,000 yuan/mt before moving downwards after a higher opening. During the day session, the center of international copper prices shifted downward, with the futures market experiencing a straight-line decline in the afternoon, hitting a low of 69,480 yuan/mt. It eventually closed at 69,590 yuan/mt, down 300 yuan/mt or 0.43%, with an open interest of 2,636 lots, a decrease of 186 lots from the previous trading day, and a trading volume of 3,351 lots.

The SHFE copper 2507 contract closed at 78,310 yuan/mt. If calculated based on the BC copper 2507 contract price of 69,590 yuan/mt, its after-tax price would be approximately 78,637 yuan/mt. The price spread between the SHFE copper 2507 contract and the BC copper 2507 contract was -327 yuan/mt, maintaining an inverted spread and narrowing compared to the previous day.