BC Copper 2512 Contract Continues to Close Lower, Macro Uncertainty Keeps Copper Prices Under Pressure [SMM BC Copper Review]

Today, the most-traded BC copper 2512 contract opened at 76,980 yuan/mt and closed higher for the day. In the night session, after opening, BC copper initially touched a high of 76,960 yuan/mt, then the center of copper prices rose to a high of 77,370 yuan/mt. Subsequently, as bears increased open interest and bulls cut production, prices fluctuated downward, approaching the session end with a low of 76,090 yuan/mt, and finally settled at 76,210 yuan/mt, down 740 yuan/mt, a decline of 0.96%. Open interest reached 3,646 lots, down 7 lots from the previous trading day, while trading volume reached 4,003 lots, down 1,514 lots from the previous trading day. On the macro front, the US Fed showed internal divergence over monetary policy views, market expectations for a December interest rate cut cooled, and traders remained cautious ahead of the return of economic data. Market uncertainty kept copper prices under pressure. On the fundamentals side, supply of high-quality copper remained tight, and availability of SX-EW and non-registered copper also tightened. Demand side, as copper prices pulled back, downstream purchase willingness steadily rebounded.

SHFE copper contract 2512 settled at 85,650 yuan/mt. Based on the BC copper 2512 contract price of 76,210 yuan/mt, its post-tax price is 86,117 yuan/mt, resulting in a price spread of -467 yuan/mt between the SHFE copper 2512 contract and the BC copper contract. The spread remained inverted and narrowed compared to the previous day.