The most-traded BC copper contract surged intraday and closed higher, with US non-farm payrolls data becoming the focus of evening attention [SMM BC Copper Review]

Today, the most-traded BC copper contract opened at 70,740 yuan/mt and closed lower. During the night session, SHFE copper fluctuated downward after opening, touching a low of 70,660 yuan/mt. In the daytime session, copper prices rose steadily, reaching a high of 71,250 yuan/mt before finally settling at 71,130 yuan/mt, up 350 yuan/mt (0.49%). Open interest increased by 182 lots to 4,698 lots, while trading volume decreased by 1,328 lots to 3,560 lots. On the macro front, the US released August ADP employment and weekly initial jobless claims data, indicating weakness in the labour market and reinforcing expectations for a US Fed interest rate cut in September, which supported copper prices. Tonight, the US August unemployment rate and seasonally adjusted non-farm payrolls data are expected to be released, with continued focus on their impact on copper prices. Supply side, imported arrivals continued, and domestic supply was replenished, keeping overall supply relatively ample. Demand side, downstream procurement activity showed a slight uptick toward the week's end.

The SHFE copper 2510 contract settled at 80,140 yuan/mt. Compared with the BC copper 2509 contract's post-tax price of 80,377 yuan/mt (settled at 71,130 yuan/mt), the price spread between the SHFE copper 2510 and BC copper contracts widened to -237 yuan/mt, maintaining an inverted structure.