Today, the most-traded BC copper contract 2603 opened at 89,220 yuan/mt. At the beginning of the session, copper prices fluctuated downward, touching a low of 88,220 yuan/mt, then fluctuated considerably upward. After the daytime session opened higher with a gap, prices moved sideways before fluctuating upward toward the end of the session, reaching a high of 92,940 yuan/mt, and finally settled at 92,570 yuan/mt, up 2.39%. Open interest fell to 5,846 lots, down 529 lots from the previous trading day, while trading volume reached 11,600 lots, indicating bear position reduction. From a macro perspective, the Trump administration plans to launch a $12 billion critical minerals strategic reserve program named the "Gold Vault Plan." Domestically, the China Nonferrous Metals Industry Association proposed including copper and copper concentrates in the reserve through a commercial discount model. On the supply side, spot copper cathode resources remained generally ample, with mainstream brands continuing to see sufficient supply. Demand side, affected by the rebound in copper prices, market trading activity weakened significantly compared to the previous day.
SHFE copper contract 2603 settled at 104,500 yuan/mt. Based on the BC copper contract 2603 price of 92,570 yuan/mt, its after-tax price is 104,604 yuan/mt, resulting in a price spread of -104 between SHFE copper 2603 and BC copper. The spread remained inverted and widened from the previous day.
