BC Copper closed lower on the day, down 0.21%. Downstream stocking progress remains slow ahead of the National Day holiday [SMM BC Copper Review]

Today, the most-traded BC copper 2510 contract opened at 71,080 yuan/mt and closed lower, with bulls reducing their positions. During the night session, BC copper initially fluctuated downward, touching a low of 70,760 yuan/mt, after which copper prices gradually moved higher. After the daytime session opened, it reached an intraday high of 71,160 yuan/mt, then fluctuated considerably before finally closing at 70,900 yuan/mt, down 0.21%. Open interest stood at 3,863 lots, down 149 lots from the previous trading day, while trading volume reached 2,249 lots. On the macro front, on September 23, Indonesian state media Antara quoted the country's Deputy Minister of Mining, Yuliot Tanjung, as saying that Indonesia had suspended 190 coal and mining exploitation license holders for failing to fulfill their obligations to restore damaged mine land or comply with production quota regulations. On the fundamentals side, supply side, mainstream brands had ample supply, while non-registered brands were relatively tight; demand side, as the National Day holiday approached, downstream enterprises' stockpiling pace was relatively slow, and concentrated procurement had not yet formed.

SHFE copper contract 2510 closed at 79,930 yuan/mt. Based on the BC copper 2510 contract price of 70,900 yuan/mt, its after-tax price was 80,117 yuan/mt, resulting in a price spread of -187 between SHFE copper 2510 and BC copper. The spread remained inverted and narrowed compared to the previous day.