BC Copper the Most-Traded Contract Retreats After Rapid Rise, Macro Sentiment Shifts from Strong to Stable [SMM BC Copper Commentary]

Today, the most-traded BC copper 2602 contract opened at 90,060 yuan/mt, fluctuated upward initially and touched a high of 90,250 yuan/mt. After the daytime session opened, it opened lower with a gap and fell to 88,700 yuan/mt, then fluctuated considerably and finally closed at 89,330 yuan/mt, down 0.02%. Open interest reached 5,959 lots, a decrease of 91 lots from the previous trading day, while trading volume reached 7,287 lots, showing a reduction in positions by bulls. On the macro front, boosted by trade easing signals such as the Trump administration establishing a cooperation framework for Greenland and temporarily suspending tariffs, the US dollar index closed slightly higher, and market macro sentiment shifted from strong to stable. On the fundamentals side, arrivals of domestic supplies increased marginally while imported supplies remained low. Demand side, as copper prices stabilized after a pullback, support at lower levels emerged, downstream restocking willingness on dips recovered, and just-in-time procurement intensity strengthened.

SHFE copper 2602 contract closed at 100,440 yuan/mt. Based on the BC copper 2602 contract price of 89,330 yuan/mt, its post-tax price is 100,942 yuan/mt, resulting in a price spread of -502 between SHFE copper 2602 and BC copper. The spread remained inverted and narrowed compared to the previous day.