Today, the most-traded BC copper 2511 contract opened at 75,720 yuan/mt and closed higher for the day. In the night session, BC copper initially touched a low of 75,760 yuan/mt, after which the center of copper prices fluctuated upward, approaching a high of 76,360 yuan/mt near the end of the session, and finally settled at 75,960 yuan/mt, up 240 yuan with an increase of 0.32%. Open interest reached 4,496 lots, an increase of 86 lots from the previous trading day, while trading volume reached 6,344 lots, a decrease of 4,966 lots from the previous trading day. On the macro front, as China-US trade relations eased and White House officials indicated that the US government shutdown could end this week, market uncertainty eased, supporting a slight rise in copper prices. On the fundamentals side, both imported and domestic supplies arrived, leading to overall loose supply, while consumption side, due to persistently high copper prices, purchasing sentiment continued to decline.
SHFE copper contract 2511 settled at 85,380 yuan/mt. Based on the BC copper 2511 contract price of 75,960 yuan/mt, its post-tax price is 85,835 yuan/mt, resulting in a price spread of -455 yuan/mt between SHFE copper 2511 and the BC copper contract. The spread remained inverted and widened compared to the previous day.
