Today, the most-traded BC copper 2509 contract opened at 69,690 yuan/mt and closed with a positive daily performance. During the night session, the most-traded BC copper 2509 contract initially dipped to 69,600 yuan/mt before fluctuating upward. After the day session opened, the center of copper prices continued to rise, reaching the intraday high of 70,360 yuan/mt near the close, and ultimately closed at 70,200 yuan/mt, marking a 0.85% increase. Open interest stood at 4,394 lots, a decrease of 81 lots from the previous trading day, with trading volume reaching 3,286 lots. On the macro front, US Fed Governor Bowman expressed support for starting interest rate cuts in September, with three cuts expected this year. JPMorgan Chase also revised its interest rate cut expectations from one to three, which is bullish for copper prices. On the fundamental side, LME inventories decreased by 150 mt to 155,700 mt on the supply side. As of August 11, SMM's nationwide copper inventories in major regions decreased by 400 mt from the previous Thursday to 131,600 mt. On the demand side, the rise in copper prices to 79,000 yuan/mt suppressed downstream demand.
The SHFE copper 2509 contract closed at 79,020 yuan/mt. If based on the most-traded BC copper 2509 contract price of 70,200 yuan/mt, its after-tax price would be 79,326 yuan/mt. The price spread between the SHFE copper 2509 contract and the BC copper contract was -306, maintaining an inversion and increasing from the previous day.
