Today, the most-traded BC copper contract 2607 opened at 93,000 yuan/mt. In early trading, the copper price center gradually moved lower to touch 92,540 yuan/mt, followed by wild swings. After the day session opened, prices continued to fluctuate upward to touch 93,320 yuan/mt, then fluctuated downward, ultimately closing at 92,920 yuan/mt, down 0.06%. Open interest reached 10,346 lots, an increase of 251 lots from the previous trading day, with trading volume at 6,050 lots, indicating bears adding positions. On the macro front, US-Iran negotiations encountered new uncertainties, with adjustments to relevant agreement terms delaying negotiations by one week. Geopolitical uncertainty weighed on copper prices, and overall wait-and-see sentiment in the market was strong. Fundamentals side, market supply circulation was tight, with insufficient arrivals of both domestic and imported copper, leading to overall tight supply. Demand side, copper prices staying high suppressed downstream purchasing enthusiasm, with the market mainly engaging in rigid-demand restocking, and demand remained subdued. Inventory side, as of Monday, June 1, SMM copper inventories in mainstream regions nationwide were flat WoW, with total inventory at 245,200 mt, an increase of 92,200 mt compared to the same period last year's 153,000 mt.
SHFE copper 2607 contract closed at 104,680 yuan/mt. Based on the BC copper 2607 contract at 92,920 yuan/mt, its after-tax price was 104,999 yuan/mt. The price spread between SHFE copper 2607 and BC copper was -319, maintaining an inversion that slightly widened from the previous day.
