Today, the most-traded BC copper 2510 contract opened at 71,190 yuan/mt and closed lower. During the night session, it initially touched the day's high of 71,340 yuan/mt before the price center gradually shifted downward to test 70,440 yuan/mt. After the daytime opening, it quickly rebounded and then moved sideways, eventually settling at 70,770 yuan/mt, down 0.17%. Open interest fell by 456 lots to 4,242 lots, while trading volume reached 6,059 lots. On the macro front, US nonfarm payrolls in August grew far below expectations, with the previous two months' data revised down by a combined 21,000, further boosting expectations for US Fed interest rate cuts. Fundamentally, imported copper saw concentrated arrivals, while domestic supply also experienced a slight increase, resulting in a generally loose supply landscape. Demand side, persistently high copper prices dampened purchase willingness among downstream enterprises, with actual demand remaining subdued. Inventory-wise, as of Monday September 8, SMM's nationwide copper inventories rose by 6,300 mt WoW to 146,900 mt. Current copper prices remain under pressure from fundamental loosening—manifested in ample supply, weak demand, and inventory buildup—though heightened expectations for Fed rate cuts are limiting downside room, potentially maintaining a sideways movement pattern in the short term.
SHFE's most-traded copper 2510 contract settled at 79,650 yuan/mt. Based on BC copper 2510's 70,770 yuan/mt price (post-tax equivalent: 79,970 yuan/mt), the price spread between SHFE copper and BC copper contracts stood at -320, maintaining an inverted spread that widened from the previous day.
