the most-traded BC copper contract closed up 0.35% [geopolitical risks support copper prices [SMM BC copper review]

Published: Jan 28, 2026 17:41

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Today, the most-traded BC copper 2602 contract opened at 90,180 yuan/mt. At the beginning of the session, copper prices moved downward, touching a low of 88,950 yuan/mt. After the daytime session opened, copper prices trended higher, approaching a high of 91,910 yuan/mt near the close, and finally settled at 91,420 yuan/mt, up 0.35%. Open interest fell to 1,711 lots, down 586 lots from the previous trading day, while trading volume dropped to 4,675 lots, down 2,930 lots from the previous session. On the macro front, the US Fed paused interest rate cuts with an unclear subsequent path, and trading focus centered on the upcoming Fed interest rate decision. Combined with geopolitical risks such as the US-Iran situation and the potential US government shutdown by month-end, these factors provided support for copper prices. On the fundamentals side, the price spread between futures contracts continued to widen, suppliers showed stronger willingness to ship to delivery warehouses, and spot market circulation tightened. Demand side, high copper prices continued to suppress downstream purchasing sentiment.

SHFE copper 2602 contract settled at 102,670 yuan/mt. Based on the BC copper 2602 contract price of 91,420 yuan/mt, its after-tax price is 103,305 yuan/mt. The price spread between SHFE copper 2602 and BC copper was -635, maintaining an inverted spread which widened compared to the previous day.

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