BC Copper 2512 fluctuated with slight gains as the US labour market cooled [SMM BC Copper Review]

Published: Nov 12, 2025 17:45

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Today, the most-traded BC copper 2512 contract opened at 76,950 yuan/mt. At the start of the session, copper prices gradually moved higher, touching a high of 77,520 yuan/mt, then fluctuated downward. After the daytime session opened, prices fluctuated considerably, hitting a low of 76,860 yuan/mt, and finally settled at 77,320 yuan/mt, up 0.18%. Open interest reached 3,913 lots, an increase of 46 lots from the previous trading day, while trading volume reached 4,812 lots. On the macro front, US ADP data showed that enterprises reduced their workforce by an average of 11,250 people per week. Cooling in the labour market reinforced expectations for a US Fed interest rate cut, and disagreements over the December interest rate cut decision widened. On the fundamentals side, supply side, high-grade copper supply increased significantly, and the supply landscape showed a relative surplus of non-registered brand material. Demand side, copper prices fluctuated at highs, market wait-and-see sentiment was strong, and new orders performed moderately.

The most-traded SHFE copper 2512 contract settled at 86,840 yuan/mt. Based on the BC copper 2512 contract price of 77,320 yuan/mt, its after-tax price is 87,371 yuan/mt. The price spread between SHFE copper 2512 and BC copper was -531, maintaining an inverted spread that narrowed from the previous day.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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