Today, the most-traded BC copper 2510 contract opened at 71,050 yuan/mt, closing lower intraday as bulls reduced positions. In the night session, BC copper initially moved down, touching a low of 70,830 yuan/mt, then fluctuated considerably. After the day session opened, prices fluctuated downward again, hitting the same low of 70,830 yuan/mt, before fluctuating upward to a high of 71,060 yuan/mt, eventually settling at 70,850 yuan/mt, down 0.1%. Open interest fell to 3,424 lots, a decrease of 439 lots from the previous trading day, while trading volume reached 3,103 lots. On the macro front, Fed Chairman Powell noted that current interest rates remain in a relatively restrictive range, and several Fed officials signaled potential further interest rate cuts, boosting market optimism about future easing room. However, most positive macro factors have already been largely released, leading copper prices to fluctuate rangebound. On the supply side, the divergence in supply conditions persisted: mainstream brand copper cathode supply remained ample, with suppliers maintaining steady sales pace; non-registered brands continued to face tight supply, with relatively limited availability. Demand side, performance remained mediocre. Approaching the National Day holiday, downstream enterprises' stockpiling intensity was significantly weaker compared to the same period last year, primarily focused on just-in-time procurement, without forming concentrated stockpiling support.
SHFE copper contract 2510 settled at 79,970 yuan/mt. Based on the BC copper 2510 contract price of 70,850 yuan/mt, its post-tax price is 80,060 yuan/mt, resulting in a price spread of -90 between SHFE copper 2510 and BC copper. The spread remained inverted and narrowed from the previous day.
