BC Copper 2511 closed lower intraday with a decline of 1.21%. Copper price correction fails to ease wait-and-see sentiment on the demand side [SMM BC Copper Review]

Today, the most-traded BC copper 2511 contract opened at 78,690 yuan/mt, closing lower with long positions being reduced. In the night session, BC copper initially touched a high of 78,760 yuan/mt, then fluctuated considerably. After the day session opened, the center of copper prices gradually shifted downward, approaching a low of 77,250 yuan/mt near the close, and finally settled at 77,420 yuan/mt, a decline of 1.21%. Open interest reached 4,001 lots, down 320 lots from the previous trading day, while trading volume reached 6,944 lots. On the macro front, with the US Fed's interest rate meeting approaching, the market maintained a wait-and-see attitude toward the meeting's policy signals and trade prospects. On the fundamentals side, supply of high-quality copper and SX-EW copper remained tight, while non-registered copper supply was relatively ample. Demand side, despite the pullback in copper prices, market wait-and-see sentiment remained strong.

SHFE copper 2511 contract settled at 86,990 yuan/mt. Based on the BC copper 2511 contract price of 77,420 yuan/mt, its after-tax price is 87,484 yuan/mt, resulting in a price spread of -494 between SHFE copper 2511 and BC copper. The spread remained inverted and widened compared to the previous day.