Today, the most-traded BC copper 2605 contract opened at 90,550 yuan/mt, touching a low of 90,460 yuan/mt at the beginning of the session before the center fluctuated upward. It touched a high of 91,580 yuan/mt near the close and ultimately settled at 91,460 yuan/mt, up 0.78%. Open interest stood at 6,834 lots, an increase of 178 lots from the previous trading day, while trading volume was 3,856 lots, a decrease of 2,382 lots from the previous trading day. On the macro front, market optimism grew over the prospect of the Middle East conflict nearing an end, as Pakistan's mediation representatives arrived in Tehran, and the Trump administration also released signals that a US-Iran deal could be reached, improving expectations for passage through the key Strait of Hormuz shipping lane. Meanwhile, Trump urged Powell to step down as soon as possible, accelerated the confirmation process for Fed nominee Warsh, and stated that interest rates are expected to be cut after he takes office. Overall, expectations for a new round of US-Iran peace talks were in line with market consensus, and copper prices stabilized accordingly. Fundamentals side, supply side, imported copper arrivals maintained the previous pace, while domestic copper arrivals remained relatively low. Demand side, downstream enterprises mainly made just-in-time procurement, restocking on an as-needed basis. Inventory side, as of Thursday, April 16, SMM copper inventories in major regions nationwide fell 11.46% WoW from the previous Thursday, with total inventories up 49,400 mt YoY. Inventories continued destocking for the fifth consecutive week. The SHFE copper 2605 contract closed at 102,680 yuan/mt. Based on the BC copper 2605 contract price of 91,460 yuan/mt, the after-tax price was 103,350 yuan/mt. The price spread between the SHFE copper 2605 contract and BC copper was -670 yuan/mt, showing an inverted spread that widened from the previous day.

Today, the most-traded BC copper 2605 contract opened at 88,200 yuan/mt, touched a high of 88,630 yuan/mt, and then copper prices' center kept declining. At the start of the daytime session, it touched a low of 87,410 yuan/mt, and after the afternoon session opened, the center rose, ultimately closing at 88,510 yuan/mt, up 1.37%. Open interest stood at 6,515 lots, down 33 lots from the previous trading day, and trading volume reached 3,879 lots, up 985 lots from the previous trading day. On the macro front, Trump announced a blockade of the Strait of Hormuz, interception of oil revenues linked to Iran, and threatened to clear Iranian mines; Iran allowed non-military vessels to pass but rejected three major US demands including "equal sharing of strait interests." Diplomatic channels between the two sides have not yet been closed. The Middle East situation continued to evolve, and market reactions to geopolitical tensions turned mediocre. Fundamentals side, supply side, arrivals of domestic sources decreased somewhat, while imported sources maintained stable arrivals, and the supply landscape tightened somewhat. Demand side, downstream buyers still primarily made just-in-time procurement, and overall consumption slowed down slightly compared with the previous period. As of Monday, April 13, SMM copper inventories in mainstream regions nationwide decreased 12.52% WoW from the previous Monday, marking five consecutive weeks of destocking, providing momentum for copper prices to rise. The SHFE copper 2605 contract closed at 99,610 yuan/mt. Based on the BC copper 2605 contract price of 88,510 yuan/mt, its after-tax price was 100,016 yuan/mt. The price spread between the SHFE copper 2605 contract and BC copper was -406 yuan/mt, showing an inversion that widened from the previous day.

Today, the most-traded BC copper 2604 contract opened at 91,030 yuan/mt, fluctuated downward at the start of the session to hit a low of 90,280 yuan/mt, then fluctuated upward during the day with the price center rising to approach 92,530 yuan/mt near the close, and finally settled at 92,280 yuan/mt, up 1.24%. Open interest reached 5,564 lots, an increase of 430 lots from the previous trading day, while trading volume reached 6,984 lots, showing an increase in positions by bulls. On the macro front, U.S.-Iran negotiations made positive progress, but differences remain between the two sides, and the market continues to monitor uncertainties regarding the negotiation process and tariff policies. Combined with support from the precious metals market, these factors provided a bullish influence on copper prices. On the fundamentals side, supply continues to increase, with ample supplementary supply from imports; demand is currently in the post-Chinese New Year resumption cycle, as downstream enterprises gradually resume production and consumption slowly recovers. The SHFE copper 2604 contract settled at 103,920 yuan/mt. Based on the BC copper 2604 contract price of 92,280 yuan/mt, its post-tax price is 104,276 yuan/mt, resulting in a price spread of -356 between the SHFE copper 2603 contract and BC copper. The inverted spread persisted but narrowed compared to the previous day.

Today, the most-traded BC copper 2603 contract opened at 91,130 yuan/mt. It fluctuated downward at the start of the session. After reaching an intraday high of 91,350 yuan/mt, the center of copper prices gradually shifted lower, touching a low of 90,100 yuan/mt, then fluctuated upward and finally closed at 90,850 yuan/mt, up 0.2%. Open interest fell to 789 lots, a decrease of 1,274 lots from the previous trading day, while trading volume reached 4,036 lots, indicating a reduction in bearish positions. On the macro front, reduced uncertainty in US trade policy improved market sentiment, benefiting copper prices; US military buildup ahead of a new round of talks with Iran and turmoil in Mexico supported strong performances in gold and silver, also providing a boost to copper prices. Fundamentally, supply side, domestic and imported copper arrived steadily, leading to ample supply; demand side, downstream enterprises gradually resumed operations after the Chinese New Year, with consumption slowly recovering. The SHFE copper 2604 contract closed at 102,260 yuan/mt. Based on the BC copper 2603 contract price of 90,850 yuan/mt, its post-tax price is 102,660 yuan/mt, resulting in a price spread of -400 between the SHFE copper 2603 contract and BC copper. The spread remained inverted and continued to widen.

Today, the most-traded BC copper 2603 contract opened at 90,300 yuan/mt. At the beginning of the session, the price center gradually moved down, testing a low of 89,810 yuan/mt, then fluctuated upward. After the daytime session opened, it fluctuated upward again, reaching a high of 91,230 yuan/mt, and finally closed at 91,050 yuan/mt, up 1.04%. Open interest fell to 2,063 lots, down 543 lots from the previous trading day, while trading volume reached 3,676 lots, indicating bear position reduction. On the macro front, the US Supreme Court ruled that large-scale tariff hikes are illegal, easing market risk aversion sentiment and pushing the US dollar index lower, which is positive for copper prices. On the fundamentals side, imported copper continued to arrive, keeping supply loose; downstream demand gradually resumed after the holiday, with consumption slowly recovering. The SHFE copper 2603 contract closed at 102,460 yuan/mt. Based on the BC copper 2603 contract price of 91,050 yuan/mt, its post-tax price is 102,886 yuan/mt, resulting in a price spread of -426 between the SHFE copper 2603 contract and BC copper. The spread remained inverted and widened significantly.

Today, the most-traded BC copper 2603 contract opened at 88,880 yuan/mt, touched a low of 88,8600 yuan/mt early in the session, then the center of copper prices fluctuated upward to a high of 90,750 yuan/mt, before fluctuating downward and finally closing at 90,050 yuan/mt, up 0.65%. Open interest reached 2,606 lots, down 670 lots from the previous trading day, while trading volume reached 3,212 lots, indicating bear position reduction. On the macro front, the US 10% global tariff officially took effect today; Trump had previously threatened to raise the rate to 15%, but as of the effective time, no official tax increase document had been issued. The White House is advancing the formulation of relevant orders, with the specific implementation time pending. On the supply side, domestic and imported copper saw concentrated arrivals, leading to loose supply. Demand side, downstream enterprises gradually resumed work after the Chinese New Year, with consumption slowly recovering. In terms of inventory, as of February 24, SMM nationwide mainstream copper inventories increased 43.81% MoM from pre-Chinese New Year levels. SHFE copper 2603 contract closed at 101,510 yuan/mt. Based on the BC copper 2603 contract price of 90,050 yuan/mt, its post-tax price is 101,756 yuan/mt, resulting in a price spread of -246 between SHFE copper 2603 and BC copper. The spread remained inverted and widened significantly.

Today, the most-traded BC copper 2603 contract opened at 90,550 yuan/mt, hitting an early high of 90,840 yuan/mt before its center dropped straight to hit bottom at 88,220 yuan/mt. Copper prices then maintained a fluctuating trend, finally closing at 88,830 yuan/mt, down 2.66%. Open interest fell to 3,276 lots, down 205 lots from the previous trading day, while trading volume decreased to 4,606 lots, down 1,873 lots. On the macro front, Trump stated the US and Iran must reach an agreement or face severe circumstances, with Netanyahu expressing optimism; US Treasury Secretary offered Senate investigation into Powell as a condition to advance the nomination of a new Fed chair. Meanwhile, as the Chinese New Year holiday approached, bulls took profits and risk-off sentiment intensified, putting copper prices under pressure. On the supply side, due to earlier import arbitrage opportunities, locked SHFE/LME price ratio cargoes continued to arrive, keeping supply loose. Demand side, as the holiday neared, downstream enterprises were generally on break, leading to continuously weakening procurement demand. The most-traded SHFE copper 2603 contract closed at 100,380 yuan/mt. Based on the BC copper 2603 contract price of 88,830 yuan/mt, its post-tax price is 100,378 yuan/mt, resulting in a price spread of -2 between the SHFE copper 2603 and BC copper contracts. The spread remained inverted and narrowed compared to the previous day.

Today, the most-traded BC copper 2603 contract opened at 92,420 yuan/mt, hit an intraday high of 92,420 yuan/mt at the beginning of the session, then fluctuated downward with its center touching a low of 90,440 yuan/mt. Copper prices later maintained a sideways fluctuating trend, finally closing at 90,840 yuan/mt, up 0.43%. Open interest fell to 3,481 lots, down 1,004 lots from the previous trading day, while trading volume rose to 6,479 lots, up 3,066 lots from the previous trading day. On the macro front, US non-farm payrolls added 130,000 in January, and the unemployment rate dropped to 4.3%, both figures beating expectations, cooling market expectations for interest rate cuts. US Fed officials struck a hawkish tone, favoring maintaining restrictive interest rates, while Trump continued to pressure the Fed. Armed attacks in Papua, Indonesia targeted a Freeport company convoy, resulting in 1 death and 2 injuries, raising safety risks at the mine. On the fundamentals side, supply side, due to earlier import arbitrage windows opening, locked price ratio cargoes continued to arrive, keeping supply loose. Demand side, as the holiday approaches, downstream enterprises have generally started holidays, leading to continuously weakening procurement demand. Inventory side, as of Thursday, February 12, SMM nationwide copper inventories in mainstream areas increased 5.3% WoW, with total inventories up 27,400 mt YoY. SHFE copper 2603 contract closed at 102,330 yuan/mt. Based on the BC copper 2603 contract price of 90,840 yuan/mt, its post-tax price is 102,649 yuan/mt, resulting in a price spread of -319 between SHFE copper 2603 and BC copper. The spread remained inverted and narrowed compared to the previous day.

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.