Today, the most-traded BC copper 2507 contract opened at 70,150 yuan/mt and closed with a positive daily candlestick, indicating that bulls increased their positions. Overnight, the most-traded BC copper contract opened higher with a gap and quickly climbed to 70,560 yuan/mt in early trading. It then oscillated and pulled back from its center, erasing all gains from the night session and dipping to a low of 69,860 yuan/mt. During the day session, the center of copper prices shifted upward, and prices continued to rise in the afternoon, eventually closing at 70,300 yuan/mt, up 800 yuan/mt or 1.15%, with open interest reaching 3,703 and trading volume hitting 7,377 lots.
The most-traded SHFE copper 2507 contract closed at 78,930 yuan/mt. If calculated based on the 70,300 yuan/mt price of the BC copper 2507 contract, its after-tax price would be approximately 79,439 yuan/mt. The price spread between the SHFE copper 2507 contract and the BC copper 2507 contract was -509 yuan/mt, maintaining an inverted spread.
