BC copper prices rise, bulls increase positions, SHFE copper price spread inversion narrows [SMM BC Copper Comment]

Today, the most-traded BC copper 2508 contract opened at 69,750 yuan/mt and closed with a positive daily candle, indicating an increase in long positions. During the night session, the most-traded BC copper contract initially dipped to an intraday low of 69,500 yuan/mt before stopping falling and stabilizing. It opened flat at 69,550 yuan/mt during the daytime session. From the opening, the center of international copper prices continued to rise during the daytime session, approaching the end of the session, it reached an intraday high of 70,090 yuan/mt and finally closed at 70,040 yuan/mt, up 400 yuan/mt or 0.57%, with an open interest of 2,733 lots, an increase of 91 lots from the previous trading day, and a trading volume of 2,547 lots.

The SHFE copper 2508 contract closed at 78,680 yuan/mt. If calculated based on the most-traded BC copper 2508 contract price of 70,040 yuan/mt, its after-tax price would be approximately 79,145 yuan/mt. The price difference between the SHFE copper 2508 contract and the most-traded BC copper 2508 contract was -465, maintaining an inverted spread and narrowing compared to the previous day.