Today, the most-traded BC copper 2512 contract opened at 76,080 yuan/mt and closed lower for the day. During the night session, it dipped to 75,970 yuan/mt after opening, then moved sideways before climbing to a high of 77,050 yuan/mt near the close, eventually settling at 76,800 yuan/mt, up 570 yuan/mt or 0.75%. Open interest fell by 94 lots to 3,609 lots, while trading volume dropped by 2,088 lots to 4,776 lots compared with the previous trading day. On the macro front, US ADP employment increased by 42,000 in October, the largest gain since July 2025 and above market expectations of 28,000, easing concerns about the US economy and labour market, prompting investors to weigh the possibility of another interest rate cut by the US Fed this year, which supported copper prices. On the fundamentals side, supply of high-quality copper remained tight, while standard-quality copper and non-registered brands were relatively ample; demand side, copper prices fell sharply, and downstream purchasing sentiment continued to recover.
SHFE copper contract 2512 settled at 86,320 yuan/mt. Based on the BC copper 2512 contract price of 76,800 yuan/mt, its post-tax price is 86,784 yuan/mt, resulting in a price spread of -464 yuan/mt between SHFE copper 2512 and BC copper contracts. The spread remained inverted and narrowed from the previous day.
