Today, the most-traded BC copper 2603 contract opened at 98,140 yuan/mt. At the start of trading, copper prices touched a high of 101,150 yuan/mt, then the price center fell sharply. During the morning session, it hit a low of 90,450 yuan/mt, and finally closed at 91,890 yuan/mt, down 2.85%. Open interest reached 6,460 lots, an increase of 335 lots from the previous trading day, while trading volume reached 26,587 lots, up 12,040 lots from the previous session. On the macro front, upward momentum was insufficient, and bulls took profits. In addition, gold and silver prices cooled, putting downward pressure on copper prices. On the fundamentals side, imported supply increased, leading to a looser supply situation; demand side, constrained by high copper prices, overall demand remained weak.
SHFE copper 2603 contract closed at 103,680 yuan/mt. Based on the BC copper 2603 contract price of 91,890 yuan/mt, its after-tax price is 103,836 yuan/mt. The price spread between SHFE copper 2603 and BC copper was -156, maintaining an inverted spread which narrowed compared to the previous day.
