BC Copper Pulls Back After Rising in Night Session, Market Closely Watches US Government Shutdown Risk [SMM BC Copper Review]

Today, the most-traded BC copper 2511 contract opened at 75,010 yuan/mt, closing lower with increased bear positions. During the night session, BC copper fluctuated upward initially, hitting a high of 75,860 yuan/mt. After the daytime session opened, the price center gradually shifted downward, approaching a low of 74,800 yuan/mt near the close, and finally settled at 74,970 yuan/mt, down 0.7%. Open interest reached 4,498 lots, an increase of 106 lots from the previous trading day, while trading volume stood at 8,239 lots. On the macro front, Trump acknowledged that the US and China are in a trade war, with tensions weighing on market sentiment and putting copper prices under pressure. The market continues to monitor trade tensions and the risk of a US government shutdown. On the fundamentals side, imported supply remains ample and overall loose, while demand shows no significant improvement and remains weak.

SHFE copper contract 2511 settled at 84,390 yuan/mt. Based on the BC copper 2511 contract price of 74,970 yuan/mt, its after-tax price is 84,716 yuan/mt, resulting in a price spread of -326 between SHFE copper 2511 and BC copper. The spread remained inverted and widened compared to the previous day.