The Most-Traded BC Copper Contract Opened Higher and Continued to Rise, Supported by Macro Tailwinds for Copper Prices [SMM BC Copper Review]

Today, the most-traded BC copper contract opened at 70,590 yuan/mt and closed lower in the day session. During the night session, BC copper futures opened lower but rose steadily, initially testing support at 70,530 yuan/mt before climbing on increased long positions. In the day session, copper prices touched a high of 71,750 yuan/mt before retreating as bulls reduced positions, then maintained a fluctuating trend to finally settle at 71,160 yuan/mt, up 320 yuan/mt (0.45%). Open interest rose by 488 lots to 4,532, while trading volume increased by 2,678 lots to 6,361. On the macro front, the US August ISM manufacturing PMI came in below expectations, weighing on the US dollar and supporting copper prices. The Trump administration planned to hold an emergency meeting today regarding the tariff ruling appeal, requiring continued monitoring. Fundamentally, supply-side domestic arrivals remained limited, with most suppliers holding back due to higher copper prices. Demand-side downstream purchase willingness weakened as prices surged intraday.

SHFE copper 2510 contract settled at 80,110 yuan/mt. Based on the BC copper 2509 contract's 71,160 yuan/mt (post-tax equivalent: 80,411 yuan/mt), the price spread between SHFE copper 2510 and BC copper contracts widened to -301 yuan/mt, maintaining an inverted pattern.