BC Copper 2603 Contract Fluctuated and Closed Higher, Macro Sentiment Recovered and Geopolitical Support [SMM BC Copper Review]

Published: Feb 26, 2026 18:46

Save

Today, the most-traded BC copper 2603 contract opened at 91,130 yuan/mt. It fluctuated downward at the start of the session. After reaching an intraday high of 91,350 yuan/mt, the center of copper prices gradually shifted lower, touching a low of 90,100 yuan/mt, then fluctuated upward and finally closed at 90,850 yuan/mt, up 0.2%. Open interest fell to 789 lots, a decrease of 1,274 lots from the previous trading day, while trading volume reached 4,036 lots, indicating a reduction in bearish positions. On the macro front, reduced uncertainty in US trade policy improved market sentiment, benefiting copper prices; US military buildup ahead of a new round of talks with Iran and turmoil in Mexico supported strong performances in gold and silver, also providing a boost to copper prices. Fundamentally, supply side, domestic and imported copper arrived steadily, leading to ample supply; demand side, downstream enterprises gradually resumed operations after the Chinese New Year, with consumption slowly recovering.

The SHFE copper 2604 contract closed at 102,260 yuan/mt. Based on the BC copper 2603 contract price of 90,850 yuan/mt, its post-tax price is 102,660 yuan/mt, resulting in a price spread of -400 between the SHFE copper 2603 contract and BC copper. The spread remained inverted and continued to widen.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

18 mins ago

Delivery Dynamics Provided Support, but Pressure Emerged as the Import Window Became Visible; Shanghai Spot Copper Remained at a Premium Under Pressure [SMM Shanghai Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to next week, next Monday will be the last trading day of the SHFE copper 2603 contract. According to the SMM #1 copper cathode price assessment methodology, SMM always quotes against the front-month contract. The contango price spread between futures contracts narrowed slightly, and suppliers’ willingness to ship to delivery warehouses weakened somewhat, marginally loosening support for spot premiums. Meanwhile, import losses have narrowed substantially, and there are signs that the import window is about to open. If the window opens, it will bring in cargo from outside China, increasing pressure on spot supply in China and creating potential downward pressure on premiums. On the demand side, downstream enterprises maintained just-in-time procurement, providing some support for prices, but intraday, some downstream enterprises were seen to have limited acceptance of spot cargo with high premiums, with procurement turning more cautious. On the supply side, domestic copper and previously price-locked imported cargo continued to arrive, while social inventory remained high. As SMM always quotes against the front-month contract, the shift in the price spread between futures contracts is expected to result in high premiums against the front-month contract, though this is expected to be corrected on the second trading day. Overall, under the dominance of delivery logic, Shanghai spot copper premiums are expected to remain at elevated levels next Monday.

18 mins ago

26 mins ago

Traders and downstream restocking were significantly less active than yesterday, and spot premiums remained unchanged [SMM South China Spot Copper]

26 mins ago

35 mins ago

Demand Slowed at Week's End, Spot Premiums Held Steady [SMM North China Spot Copper]

Spot #1 copper cathode in North China was quoted at parity to a premium of 80 yuan/mt against the front-month contract today, with the average premium unchanged from the previous trading day at 40 yuan/mt, and the average transaction price down 155 yuan/mt from the previous trading day to 100,470 yuan/mt.

35 mins ago