Today, the most-traded BC copper 2508 contract opened at 71,640 yuan/mt, closing the day with a bearish candlestick, indicating a reduction in long positions. During the night session, the most-traded BC copper contract initially touched a high of 71,940 yuan/mt, after which the center of copper prices gradually moved lower. During the day session, prices continued to decline amid volatility, reaching an intraday low of 70,870 yuan/mt near the close. The contract ultimately closed at 70,990 yuan/mt, down 980 yuan/mt or 1.36%, with open interest at 5,504 lots, a decrease of 339 lots from the previous trading day, and trading volume at 5,378 lots.
The most-traded SHFE copper 2508 contract closed at 79,730 yuan/mt. If we consider the after-tax price of the BC copper 2508 contract at 70,990 yuan/mt, it would be approximately 80,219 yuan/mt. The price spread between the SHFE copper 2508 contract and the BC copper contract was -489, with the inversion narrowing compared to the previous day.
