Today, the most-traded BC copper 2507 contract opened at 69,680 yuan/mt and closed bearish during the day, with the lower Bollinger Band's middle line providing support at the bottom. During the night session, the most-traded BC copper contract oscillated lower at the start of trading. After hitting a low of 69,470 yuan/mt overnight, it stopped falling and rebounded above the daily average line. During the day session, the international copper's price center pulled back sharply again at the opening. It touched a daily low of 69,440 yuan/mt. In the afternoon, short covering and long positions entering the futures market pulled the price up again, reaching a daily high of 69,810 yuan/mt. It then pulled back rapidly and finally closed at 69,620 yuan/mt, up 240 yuan/mt from the previous close, representing a gain of 0.35%. Open interest stood at 2,232 lots, a decrease of 446 lots from the previous trading day, and trading volume was 3,440 lots.
The SHFE copper 2507 contract closed at 78,290 yuan/mt. If calculated based on the BC copper 2507 contract price of 69,620 yuan/mt, its after-tax price would be approximately 78,671 yuan/mt. The price spread between the SHFE copper 2507 contract and the BC copper 2507 contract was -381, indicating an inverted spread that widened compared to the previous day.
