Today, the most-traded BC copper 2602 contract opened at 91,740 yuan/mt. At the beginning of the session, copper prices fluctuated upward, reaching a high of 92,550 yuan/mt before fluctuating downward. Approaching the end of the session, it touched a low of 89,780 yuan/mt and finally closed at 90,790 yuan/mt, down 0.45%. Open interest decreased by 664 lots from the previous trading day to 2,297 lots, while trading volume decreased by 2,025 lots to 7,605 lots. On the macro front, investors took profits, leading to a pullback in copper prices. However, concerns over a potential U.S. government shutdown caused the US dollar to weaken slightly, providing some support for copper prices. On the fundamentals side, some suppliers liquidated inventory at month-end, resulting in relatively ample supply in the market. Demand side, high copper prices dampened downstream purchasing sentiment.
SHFE copper 2602 contract closed at 102,280 yuan/mt. Based on the BC copper 2602 contract price of 90,790 yuan/mt, its after-tax price is 102,593 yuan/mt. The price spread between SHFE copper 2602 and BC copper was -313, remaining inverted and narrowing compared to the previous day.
