BC Copper 2512 contract edged up slightly as the market awaited employment data [SMM BC Copper Review]

Today, the most-traded BC copper 2512 contract opened at 76,130 yuan/mt and closed lower. During the night session, after opening, the center of copper prices shifted upward following short-covering, then declined as long positions were reduced, testing a low of 76,200 yuan/mt. In the daytime session, after opening, the center fluctuated upward, touching a high of 76,720 yuan/mt, then fluctuated rangebound, eventually closing at 76,620 yuan/mt, up 70 yuan/mt, a gain of 0.09%. Open interest fell to 3,452 lots, down 194 lots from the previous trading day, while trading volume decreased to 3,848 lots, down 155 lots. On the macro front, ADP employment data showed a decline in private-sector payrolls, while most initial jobless claims figures were revised upward, indicating weakness in the US labour market. The market continued to monitor Thursday's release of initial jobless claims data during the shutdown period. On the fundamentals side, copper prices maintained a fluctuating trend during the day, while downstream purchase willingness continued to rebound.

SHFE copper contract 2512 closed at 86,080 yuan/mt. Based on the BC copper 2512 contract price of 76,620 yuan/mt, its after-tax price is 86,581 yuan/mt, resulting in a price spread of -501 yuan/mt between the SHFE copper 2512 contract and the BC copper contract. The spread remained inverted and widened compared to the previous day.