The BC copper 2509 contract hit bottom and then rebounded during the night session. US CPI data is yet to be released. [SMM BC Copper Commentary]

Today, the most-traded BC copper 2509 contract opened at 69,880 yuan/mt and closed with a positive daily candle. During the night session, the most-traded BC copper 2509 contract initially dipped to 69,880 yuan/mt, then fluctuated considerably. After the day session opened, the center of copper prices gradually moved higher, reaching the intraday high of 70,300 yuan/mt near the close. It finally closed at 70,210 yuan/mt, up 0.13%, with open interest at 4,190 lots, a decrease of 204 lots from the previous trading day, and trading volume at 2,663 lots. On the macro front, US President Trump has signed an executive order to extend the tariff suspension on China for another 90 days. On the fundamental front, supply-side LME copper inventories decreased by 700 mt to 155,000 mt, with tight arrivals of imported cargoes. On the demand side, copper prices maintained at 79,000 yuan/mt, and downstream demand showed a mediocre performance. It is worth noting that the US Consumer Price Index (CPI) is expected to be released tonight.

The SHFE copper 2509 contract closed at 79,020 yuan/mt. If based on the most-traded BC copper 2509 contract price of 70,210 yuan/mt, its after-tax price would be 79,337 yuan/mt. The price spread between the SHFE copper 2509 contract and the BC copper contract was -317, maintaining an inverted spread and increasing from the previous day.