Copper Prices Continue to Fluctuate; The Most-Traded BC Copper Contract Edges Down Slightly [SMM BC Copper Commentary]

SMM, December 26: Today, the most-traded BC copper 2502 futures contract opened at 65,690 yuan/mt and closed with a bearish candlestick, with the 5-day and 10-day moving averages crossing the candlestick body. Overnight, the most-traded BC copper 02 contract fluctuated within the range of 65,560-65,730 yuan/mt. During the morning trading session, as bulls increased positions, the center of the futures market slightly moved upward, peaking at 65,790 yuan/mt. In the afternoon trading session, the most-traded BC copper 02 contract opened lower with a gap and hit bottom at 65,490 yuan/mt near the session's end, finally closing at 65,520 yuan/mt, down 20 yuan/mt or 0.03%. The decline was mainly attributed to bears increasing positions, with open interest reaching 6,550 lots, an increase of 299 lots compared to the previous trading day. Trading volume reached 4,236 lots, a decrease of 309 lots from the previous trading day.

Macro perspective, the external market was in a holiday period, and recent macro data was limited. However, the US dollar index remained at a high level, exerting pressure on copper prices. Copper prices continued to fluctuate rangebound, with a slight decline during the day.

The SHFE copper 2502 contract closed at 74,040 yuan/mt. Based on the BC copper 2502 contract price of 65,520 yuan/mt, its post-tax price was approximately 74,038 yuan/mt. The price spread between the SHFE copper 2502 contract and the BC copper 2502 contract was 2 yuan/mt, narrowing compared to the previous trading day.