BC Copper 2601 contract closed up 0.46% Mixed data intensifies market uncertainty [SMM BC Copper Review]

Today, the most-traded BC copper 2601 contract opened at 82,390 yuan/mt. During the night session, it initially dipped to 81,970 yuan/mt. Subsequently, as bulls increased their positions, the center of copper prices fluctuated upward, approaching a high of 83,550 yuan/mt near the session's close, and finally settled at 83,100 yuan/mt, up 380 yuan/mt, a gain of 0.46%. Open interest reached 3,425 lots, an increase of 69 lots from the previous trading day, while trading volume was 5,658 lots, down 1,993 lots from the previous session. On the macro front, US economic data were mixed; November non-farm payrolls grew stronger than expectations, but the unemployment rate rose to 4.6%, a four-year high. Additionally, uncertainty over the US Fed Chairman appointment heated up, adding variables to the future policy path. On the fundamentals side, suppliers' willingness to sell remained active in the spot market, with ample supply availability. Demand side, robust copper prices and weak consumption showed no improvement.

The SHFE copper 2601 contract settled at 92,720 yuan/mt. Based on the BC copper 2601 contract's price of 83,100 yuan/mt, its post-tax price is 93,903 yuan/mt. The price spread between the SHFE copper 2601 contract and the BC copper contract was -1,183 yuan/mt, maintaining an inversion and widening from the previous day.