Today, the most-traded BC copper 2602 contract opened at 86,940 yuan/mt and closed lower intraday. During the night session, the price center gradually declined under bearish open interest accumulation, bottoming out at 85,770 yuan/mt before fluctuating rangebound. In the daytime session, the price center fluctuated upward as bulls increased positions, touching a high near the close at 88,480 yuan/mt, and finally settled at 87,740 yuan/mt, down 650 yuan/mt, a drop of 0.74%. Open interest reached 6,713 lots, an increase of 739 lots from the previous trading day, while trading volume was 17,309 lots, down 6,468 lots from the previous session. On the macro front, plans to replace Fed Chairman Powell, ongoing Russia-Ukraine tensions, and fading precious metals sentiment kept copper prices under pressure. However, continued bull entry provided support. Fundamentally, approaching year-end, despite a slight correction in copper prices, market procurement sentiment remained mediocre.
The SHFE copper 2602 contract settled at 98,090 yuan/mt. Compared to the BC copper 2602 contract at 87,740 yuan/mt, its post-tax price would be 99,146 yuan/mt, resulting in a price spread of -1,056 yuan/mt between the SHFE copper 2602 and BC copper 2602 contracts; the spread remained inverted and widened from the previous day.
