Today, the most-traded BC copper 2602 contract opened at 92,680 yuan/mt, hit an early high of 93,300 yuan/mt, then fell sharply to a low of 90,670 yuan/mt. Copper prices subsequently maintained a "W"-shaped pattern and finally closed at 91,110 yuan/mt, down 1.32%. Open interest fell to 7,360 lots, a decrease of 111 lots from the previous trading day, while trading volume dropped to 12,000 lots, down 1,217 lots. On the macro front, the Trump administration launched a criminal investigation into Fed Chairman Powell. Although the White House denied issuing any instructions, Trump also announced a 25% tariff on any country trading with Iran, increasing market uncertainty. On the fundamentals side, imported arrivals remained low, while domestic supply arrivals were normal. Demand side, downstream purchasing sentiment was cautious, with continued wait-and-see attitude toward copper prices.
SHFE copper 2602 contract closed at 102,290 yuan/mt. Based on the BC copper 2602 contract price of 91,110 yuan/mt, its after-tax price is 102,954 yuan/mt. The price spread between SHFE copper 2602 and BC copper was -664, remaining inverted and widening from the previous day.
