Today, the most-traded BC copper 2602 contract opened at 92,790 yuan/mt, touched a high of 92,890 yuan/mt early in the session, then the center of copper prices fluctuated downward, approaching a low of 90,220 yuan/mt near the close, before the center rose and finally settled at 91,520 yuan/mt, down 1.46%. Open interest fell to 7,136 lots, a decrease of 701 lots from the previous trading day, while trading volume dropped to 12,000 lots, down 117 lots. On the macro front, Trump stated he would temporarily delay imposing tariffs on key minerals such as copper, alleviating some market concerns about supply deficits in non-US regions, exerting downward pressure on copper prices. On the fundamentals side, high-quality copper and SX-EW copper supplies remained tight, while suppliers' willingness to sell decreased, leading to scarce material circulation in the market. Demand side, downstream purchasing sentiment marginally improved as copper prices edged lower.
SHFE copper 2602 contract settled at 102,560 yuan/mt. Based on the BC copper 2602 contract price of 91,520 yuan/mt, its post-tax price is 103,418 yuan/mt, resulting in a price spread of -858 between SHFE copper 2602 and BC copper. The spread remained inverted and widened compared to the previous day.
