BC Copper 2510 closed down 0.1% for the day, with copper prices fluctuating rangebound [SMM BC Copper Review]

Today, the BC copper assistant contract 2510 opened at 71,050 yuan/mt, closing lower on the day with a reduction in long positions. During the night session, BC copper initially fell to 70,830 yuan/mt, then fluctuated considerably. After the daytime session opened, it fluctuated downward again to 70,830 yuan/mt, and then fluctuated upward to 71,060 yuan/mt, finally closing at 70,850 yuan/mt, down 0.1%. Open interest reached 3,424 lots, a decrease of 439 lots from the previous trading day, with trading volume at 3,103 lots. On the macro front, Fed Chairman Powell noted that current interest rates remain in a relatively tight range, and several US Fed officials signaled further interest rate cuts in the future, boosting market optimism about subsequent rate cut space. However, most of the positive factors on the macro side have been largely released, leading copper prices to fluctuate rangebound. Fundamentally, the supply side continues to show a divergent pattern: mainstream brand copper cathode supplies are abundant, with suppliers maintaining a steady pace of shipments; non-registered brands, however, continue to experience tight supply, with limited circulation of goods. Demand remains mediocre, and as the National Day holiday approaches, downstream enterprises' stockpiling efforts are significantly weaker compared to the same period last year, mainly focusing on just-in-time procurement without forming concentrated support for stockpiling.

The SHFE copper contract 2510 closed at 79,970 yuan/mt. If the BC copper 2510 contract is at 70,850 yuan/mt, its post-tax price would be 80,060 yuan/mt, resulting in a price difference of -90 between the SHFE copper 2510 contract and the BC copper, with the price spread remaining inverted but narrowing from the previous day.