Today, the most-traded BC copper 2511 contract opened at 76,080 yuan/mt, closing lower with increased bear positions. During the night session, BC copper initially fluctuated upward, touching a high of 77,210 yuan/mt, then fluctuated downward. After the day session opened, the center of copper prices continued to decline, nearing the session end with a low of 74,730 yuan/mt, finally settling at 75,040 yuan/mt, a drop of 0.51%. Open interest reached 4,904 lots, increasing by 25 lots from the previous trading day, while trading volume reached 20,530 lots. On the macro front, after China implemented a series of trade countermeasures, Trump's stance softened compared to before, releasing signals of willingness to ease tensions with China through reaching an agreement. The current market focus centers on Fed Chairman Powell's speech at the event hosted by the National Association for Business Economics at 00:20 this morning, with his remarks expected to have a key impact on market expectations. On the fundamentals side, supply side, spot copper cathode market mainstream brands are sufficiently supplied, while non-registered brand sources are tight. Demand side, suppressed by copper prices fluctuating at highs, downstream enterprises' purchase willingness is significantly insufficient, with overall demand remaining weak.
SHFE copper 2511 contract settled at 84,410 yuan/mt. Based on the BC copper 2511 contract price of 75,040 yuan/mt, its post-tax price is 84,795 yuan/mt, resulting in a price spread of -385 between SHFE copper 2511 and BC copper, maintaining an inverted spread which widened compared to the previous day.
