BC Copper 2512 Contract Fluctuated and Closed Higher as US Shutdown Ended, Easing Market Concerns [SMM BC Copper Review]

Today, the most-traded BC copper 2512 contract opened at 77,500 yuan/mt, dipped to 77,330 yuan/mt early in the session, then saw its price center gradually rise to a high of 78,120 yuan/mt before fluctuating downward. After the daytime session opened, copper prices fluctuated upward again and finally settled at 78,070 yuan/mt, up 1.09%. Open interest reached 4,144 lots, an increase of 231 lots from the previous trading day, while trading volume reached 5,726 lots. On the macro front, US President Trump signed a temporary funding bill, officially ending the previous US government shutdown. The bill provides continued funding for the federal government, allowing most government agencies to operate until January 30, 2026, effectively easing market uncertainty. Meanwhile, the White House indicated that, due to the shutdown, the October employment report and CPI report would likely be delayed. On the fundamentals side, supply saw concentrated arrivals of domestic material. Demand side, as copper prices fluctuated at highs, downstream demand weakened. Inventory side, as of Thursday, November 13, SMM copper inventories in mainstream regions across China increased by 5,200 mt from Monday to 201,100 mt, but decreased by 2,200 mt WoW.

The most-traded SHFE copper 2512 contract settled at 87,550 yuan/mt. Based on the BC copper 2512 contract price of 78,070 yuan/mt, its post-tax price is 88,219 yuan/mt, resulting in a price spread of -669 between the SHFE copper 2512 contract and BC copper. The spread remained inverted and widened from the previous day.