Today, the international copper 2505 contract opened at 67,080 yuan/mt, closed in the green, and showed a reduction in short positions. Overnight, the international copper contract initially touched a low of 66,970 yuan/mt, then the center continued to rise, reaching a high of 67,800 yuan/mt at midday before quickly pulling back, finally closing at 67,380 yuan/mt, up 0.22%. The trading volume was 5,830, and the open interest reached 3,647 contracts, down 139 contracts from the previous trading day.
On the macro front, the US March retail sales MoM rose 1.4%, the largest increase since January 2023, exceeding expectations and the previous value. US March sales YoY increased 4.6%, the highest level since December 2023. The surge in US March retail sales was interpreted by the market as panic buying ahead of tariffs. Current market concerns about tariff uncertainties remain, and as trade tensions bring about worries, the US dollar index continues to stay low, with copper prices fluctuating and adjusting.
The SHFE copper 2505 contract closed at 75,870 yuan/mt. Based on the international copper 2505 contract at 67,220 yuan/mt, its post-tax price is approximately 75,959 yuan/mt. The price spread between the SHFE copper 2505 contract and the international copper 2505 contract was -89 yuan/mt, maintaining an inverted spread and narrowing compared to the previous trading day.
