Today, the most-traded BC copper 2603 contract opened at 90,360 yuan/mt. At the beginning of the session, copper prices tested a low of 90,110 yuan/mt, then fluctuated upward, approaching a high of 91,020 yuan/mt near the close, and finally settled at 90,790 yuan/mt, up 0.42%. Open interest fell to 4,485 lots, down 388 lots from the previous trading day, while trading volume dropped to 3,022 lots, down 3,104 lots from the previous session. On the macro front, Trump called on the US Fed to cut interest rates, but officials stated that inflation remains relatively high and there is no urgent need for rate cuts. US December retail sales data fell short of expectations, and copper prices maintained a fluctuating trend. On the fundamentals side, imported supply continued to arrive, leading to looser availability of spot material in the market. Demand side, weakened further as the holiday approached, with downstream enterprises having largely completed pre-holiday stockpiling, resulting in low purchase willingness at this stage. The market showed a clear pattern of weak supply and demand. The most-traded SHFE copper 2603 contract settled at 102,180 yuan/mt. Based on the BC copper 2603 contract price of 90,790 yuan/mt, its after-tax price is 102,593 yuan/mt. The price spread between the SHFE copper 2603 contract and BC copper was -413, maintaining an inverted spread which widened compared to the previous day.

Today, the most-traded BC copper 2603 contract opened at 89,660 yuan/mt. At the beginning of the session, copper prices tested the lower end at 89,030 yuan/mt. After the daytime session opened, prices rose to test the higher end at 91,020 yuan/mt, then fluctuated rangebound, and finally closed at 90,500 yuan/mt, up 0.19%. Open interest stood at 5,260 lots, down 315 lots from the previous trading day, while trading volume was 6,126 lots, down 3,416 lots from the previous trading day. On the macro front, the US dollar index retreated from highs, while persistent geopolitical risks such as the US-Iran negotiation deadlock and escalating military standoff provided support for copper prices. On the fundamentals side, supply remained loose as imported material continued to arrive. Demand side, demand was weak due to holidays at some downstream enterprises. In terms of inventory, as of Monday, February 9, SMM copper inventories in mainstream regions across China increased 0.27% WoW. SHFE copper 2603 contract closed at 101,840 yuan/mt. Based on the BC copper 2603 contract price of 90,500 yuan/mt, its after-tax price is 102,265 yuan/mt. The price spread between SHFE copper 2603 and BC copper was -425, remaining inverted and narrowing from the previous day.

Today, the most-traded BC copper 2603 contract opened at 89,230 yuan/mt. It fluctuated upward at the start of the session, touching a high of 89,900 yuan/mt, then fluctuated rangebound. During the day session, it opened lower with a gap, and the price center moved straight down, testing a low of 86,850 yuan/mt, before fluctuating upward and finally closing at 88,790 yuan/mt, down 2.25%. Open interest reached 5,575 lots, a decrease of 228 lots from the previous trading day, while trading volume reached 9,542 lots, indicating long position reduction. From a macro perspective, the US and Iran agreed to hold talks in Oman on Friday, easing geopolitical risk uncertainty. Combined with a higher US dollar index, copper prices were under pressure. Meanwhile, continued LME inventory buildup further pressured copper prices. On the supply side, market availability of spot cargo tightened continuously, leading to some tightness in spot supply. On the demand side, supported by the copper price pullback, downstream purchase willingness improved. SHFE copper 2603 contract closed at 100,100 yuan/mt. Based on the BC copper 2603 contract price of 88,790 yuan/mt, its post-tax price is 100,332 yuan/mt. The price spread between SHFE copper 2603 and BC copper is -232, with the spread remaining inverted and continuing to widen.

Today, the most-traded BC copper 2603 contract opened at 92,010 yuan/mt, fluctuated upward initially to a high of 92,870 yuan/mt, then fluctuated downward throughout the session. After the daytime session opened, it fluctuated downward again to a low of 89,210 yuan/mt, then fluctuated considerably before finally closing at 89,560 yuan/mt, down 3.75%. Open interest reached 5,803 lots, an increase of 179 lots from the previous trading day, while trading volume reached 8,929 lots, indicating an increase in bearish positions. From a macro perspective, on the macro front, US January ADP employment figures fell short of expectations, the labour market slowdown continued, and the US dollar index strengthened, putting downward pressure on copper prices. Meanwhile, LME copper inventories climbed to their highest level since March, and continued inventory accumulation further pressured copper prices. On the supply side, domestic copper supply arrivals increased, leading to relatively loose overall market supply. Demand side, affected by the approaching holiday, stockpiling sentiment among downstream enterprises gradually cooled, and end-use consumption remained weak. The SHFE copper 2603 contract closed at 100,980 yuan/mt. Based on the BC copper 2603 contract price of 89,560 yuan/mt, its post-tax price is 101,202 yuan/mt, resulting in a price spread of -156 between the SHFE copper 2603 contract and BC copper. The spread remained inverted and continued to widen.

Today, the most-traded BC copper contract 2603 opened at 92,930 yuan/mt, fluctuating considerably at the start of the session. During daytime trading, it immediately touched a high of 93,770 yuan/mt, after which the center of copper prices gradually shifted downward, probing a low of 92,080 yuan/mt, then fluctuated upward and finally closed at 93,200 yuan/mt, a gain of 3.61%. Open interest reached 5,624 lots, down 222 lots from the previous trading day, while trading volume reached 88.05 million lots, showing a reduction in bear positions. From a macro perspective, Trump's plan to introduce a strategic reserve for critical minerals, coupled with a proposal from the Nonferrous Metals Association to include copper and copper concentrates in the reserve allocation, provided upward momentum for copper prices. At the same time, Trump signed a bill to end the partial US government shutdown, easing some market uncertainty. On the fundamentals, supply side, spot supply of copper cathode narrowed overall during the day, with limited spot cargo resources available in the market, and some brands held in warrant form. Supply side, spot circulation resources for copper cathode were tight, and available supply for sale narrowed, with some brands existing as warrants. Demand side, affected by the rebound in copper prices and the approaching Chinese New Year holiday, overall performance was weak. SHFE copper contract 2603 closed at 105,160 yuan/mt. Based on the BC copper contract 2603 price of 93,200 yuan/mt, its after-tax price is 105,316 yuan/mt, resulting in a price spread of -156 between SHFE copper 2603 and BC copper. The spread remained inverted and continued to widen.

Today, the most-traded BC copper contract 2603 opened at 89,220 yuan/mt. At the beginning of the session, copper prices fluctuated downward, touching a low of 88,220 yuan/mt, then fluctuated considerably upward. After the daytime session opened higher with a gap, prices moved sideways before fluctuating upward toward the end of the session, reaching a high of 92,940 yuan/mt, and finally settled at 92,570 yuan/mt, up 2.39%. Open interest fell to 5,846 lots, down 529 lots from the previous trading day, while trading volume reached 11,600 lots, indicating bear position reduction. From a macro perspective, the Trump administration plans to launch a $12 billion critical minerals strategic reserve program named the "Gold Vault Plan." Domestically, the China Nonferrous Metals Industry Association proposed including copper and copper concentrates in the reserve through a commercial discount model. On the supply side, spot copper cathode resources remained generally ample, with mainstream brands continuing to see sufficient supply. Demand side, affected by the rebound in copper prices, market trading activity weakened significantly compared to the previous day. SHFE copper contract 2603 settled at 104,500 yuan/mt. Based on the BC copper contract 2603 price of 92,570 yuan/mt, its after-tax price is 104,604 yuan/mt, resulting in a price spread of -104 between SHFE copper 2603 and BC copper. The spread remained inverted and widened from the previous day.