Today, the most-traded BC copper contract 2606 opened at 95,150 yuan/mt, initially moved sideways and touched a high of 95,350 yuan/mt. After the daytime session opened, the copper price center shifted downward, dipping to 92,920 yuan/mt near the end of the session, and ultimately closed at 92,950 yuan/mt, down 1.88%. Open interest stood at 9,432 lots, a decrease of 206 lots from the previous trading day, while trading volume reached 10,727 lots, an increase of 870 lots from the previous trading day. On the macro front, both CPI and PPI data exceeded expectations. Combined with Warsh's appointment, market expectations for interest rate hikes heated up. Multiple factors jointly pushed US Treasury yield higher, strengthening the US dollar and putting copper prices under pressure. On the fundamentals side, supply side, arrivals of both imported and domestic sources edged up, with the tight supply situation marginally improving. Demand side, the pullback in copper prices did not bring effective improvement, and overall trading activity remained relatively subdued.
The SHFE copper 2606 contract closed at 104,710 yuan/mt. Based on the BC copper 2606 contract price of 92,950 yuan/mt, its after-tax price was 105,034 yuan/mt. The price spread between the SHFE copper 2606 contract and BC copper was -324 yuan/mt, showing an inversion that widened compared to the previous day.
