Today, the most-traded BC copper contract 2509 opened at 70,700 yuan/mt and closed positively. During the night session, the BC copper initially fluctuated upward, reaching an intraday high of 70,860 yuan/mt. After the day session opened, the center of copper prices gradually shifted downward, touching 70,210 yuan/mt near the end of the session, and finally closing at 70,300 yuan/mt, with a gain of 0.01%. The open interest was 3,142 lots, down 643 lots from the previous trading day, and the trading volume reached 3,257 lots. From a macro perspective, US President Trump warned on social media that if countries do not cancel their digital tax and related discriminatory measures, the US will impose significantly higher additional tariffs on their products exported to the US and restrict the export of core US technology and chips. Meanwhile, the US Geological Survey, under the Department of the Interior, released the 2025 Critical Minerals List, recommending 54 minerals, including copper for the first time, which will receive more policy support in the future. On the supply side, there was a slight replenishment of high-quality copper, but overall it remained tight, with LME copper inventories decreasing by 975 mt to 155,000 mt. On the demand side, high copper prices suppressed downstream purchase willingness.
The SHFE copper contract 2509 closed at 79,230 yuan/mt. If the BC copper contract 2509 is priced at 70,300 yuan/mt, its post-tax price would be 79,439 yuan/mt, resulting in a price difference of -209 between the SHFE copper 2509 contract and the BC copper contract, maintaining an inverted spread that narrowed compared to the previous day.
