The most-traded BC copper contract fell by 0.79%, and the price spread between SHFE copper and BC copper narrowed [SMM BC Copper Commentary]

Today, the most-traded BC copper 2507 contract opened at 69,530 yuan/mt, closing bearish with an increase in bears' open interest. During the night session, the most-traded BC copper contract fluctuated downward, touching a low of 69,320 yuan/mt. During the day session, international copper futures touched a high of 69,680 yuan/mt. In the afternoon, the center of copper prices continued to move lower, touching a low of 69,120 yuan/mt. It finally closed at 69,170 yuan/mt, down 560 yuan/mt or 0.79%, with an open interest of 2,678 lots, a decrease of 499 lots from the previous trading day, and a trading volume of 1,220 lots.

The SHFE copper 2507 contract closed at 77,990 yuan/mt. If calculated based on the BC copper 2507 contract price of 69,170 yuan/mt, its after-tax price would be approximately 78,162 yuan/mt. The price spread between the SHFE copper 2507 contract and the BC copper 2507 contract was -172, maintaining an inverted spread and narrowing compared to the previous day.