Today, the most-traded BC copper 2511 contract opened at 73,090 yuan/mt and closed lower intraday. During the night session, BC copper moved downwards after a higher opening, touching the intraday low of 72,630 yuan/mt at the open and then fluctuating within a narrow range. After the daytime session opened, copper prices opened higher with a gap, fluctuated upward to touch a high of 73,350 yuan/mt, and then consolidated sideways, eventually closing at 73,220 yuan/mt, down 200 yuan, a decrease of 0.27%. Open interest reached 4,889 lots, an increase of 559 lots from the previous trading day, while trading volume reached 7,822 lots, an increase of 1,287 lots. On the macro front, the US core PCE price index annual rate for August came in at 2.9%, meeting market expectations. Domestically, eight ministries jointly issued the "Work Plan for Stabilizing Growth in the Nonferrous Metals Industry (2025-2026)," which focuses on the new situation facing the development of the nonferrous metals industry and proposes 10 work measures, collectively providing support for copper prices. On the fundamentals, supply side, imported material continued to arrive, while domestic supply additions were limited. Demand side, affected by the National Day holiday, downstream operating rates weakened and procurement demand declined. As of September 29, 2025, SMM's domestic copper cathode social inventory increased by 8,200 mt WoW to 148,300 mt.
SHFE copper contract 2511 closed at 82,370 yuan/mt. Based on the BC copper 2509 contract price of 73,090 yuan/mt, its post-tax price is 82,592 yuan/mt, resulting in a price spread of -222 yuan/mt between the SHFE copper 2509 contract and the BC copper contract. The spread remained inverted and narrowed compared to the previous day.
