The most-traded BC copper contract closed up 0.55%. The tax difference between SHFE copper and BC copper was inverted by 496 [SMM BC Copper Commentary]

Today, the most-traded BC copper 2508 contract opened at 69,510 yuan/mt and closed with a positive candlestick, indicating an increase in long positions. During the night session, the most-traded BC copper contract touched a low of 69,400 yuan/mt at the beginning of trading, and then the price center continued to move upwards. It opened at 69,740 yuan/mt during the daytime session. The daytime session saw the contract pull back from highs and continue to oscillate within a wide range. Near the end of the session, the bulls launched another attack, pushing the price to an intraday peak of 69,900 yuan/mt. It finally closed at 69,890 yuan/mt, up 380 yuan/mt, a gain of 0.55%. The open interest was 2,642 lots, an increase of 460 lots from the previous trading day, and the trading volume was 2,173 lots.

The SHFE copper 2508 contract closed at 78,480 yuan/mt. If calculated based on the BC copper 2508 contract price of 69,890 yuan/mt, its after-tax price would be approximately 78,976 yuan/mt. The price spread between the SHFE copper 2508 contract and the BC copper 2508 contract was -496, maintaining an inversion and widening compared to the previous day.