Today, the most-traded BC copper contract 2607 opened at 94,860 yuan/mt, fluctuated upward to a high of 95,500 yuan/mt in early trading, then swung wildly. After the daytime session opened, it continued to swing wildly, and fluctuated downward near the close to a low of 94,340 yuan/mt, ultimately closing at 94,570 yuan/mt, up 0.52%. Open interest stood at 11,353 lots, an increase of 3,537 lots from the previous trading day, with trading volume at 7,273 lots, indicating bulls adding positions. The US released detailed rules on tariff adjustments for certain copper, aluminum, and steel product categories. Copper cathode was not on this adjustment list, and the market still held speculative expectations of a subsequent tariff hike on copper cathode, providing bullish support for copper prices. On the geopolitical front, Iran revealed that US-Iran related consultations had been suspended for several days. Although the US side denied this, risk-averse sentiment in the market heated up, and capital remained cautious about the prospects of US-Iran negotiations. Fundamentals side, supply side, spot high-quality copper circulation sources tightened while non-registered copper sources were ample. Suppliers generally held back from selling and hoarded goods, with low-priced sources available for sale being scarce, and overall spot supply in China remained stable. Demand side, continuously rising copper prices severely suppressed downstream purchasing sentiment, with overall demand remaining weak.
SHFE copper 2607 contract closed at 106,380 yuan/mt. Based on the BC copper 2607 contract at 94,570 yuan/mt, its after-tax price was 106,864 yuan/mt. The price spread between the SHFE copper 2607 contract and BC copper was -484, with the inverted price spread maintained but narrowing compared to the previous day.
