Today, the most-traded BC copper 2507 contract opened at 70,000 yuan/mt and closed with a positive daily candle, jumping above multiple daily moving averages. During the night session last Friday, the most-traded BC copper contract opened lower with a gap and quickly climbed from a low to a high of 70,230 yuan/mt in the early session before its center pulled back. During the day session, copper prices rebounded from a low of 69,860 yuan/mt and eventually closed at 70,220 yuan/mt, unchanged from the settlement price last Friday. Open interest reached 3,333 lots, and trading volume amounted to 4,775 lots.
The most-traded SHFE copper 2507 contract closed at 78,910 yuan/mt. If calculated based on the price of 70,220 yuan/mt for the BC copper 2507 contract, its after-tax price would be approximately 79,349 yuan/mt. The price spread between the SHFE copper 2507 contract and the BC copper 2507 contract was -439 yuan/mt, with the spread remaining inverted and narrowing compared to the previous day.
