The most active October copper contract on the Shanghai International Energy Exchange (INE) closed at 61370 yuan/mt overnight, an increase of 730 yuan/mt or 1.20%. Bears reduced open interest by 1910 to to 18977 lots, and trading volume increased 1080 and stood at 12596 lots.
On the macro front, the annualized total of existing home sales in the United States in July was lower than expected and the previous value; Fed officials said that if the Fed changes its inflation target, it will damage its credibility; the domestic central bank’s support for the real economy is expected to heat up, boosting market sentiment. Copper prices continued to rise. The price spread between SHFE 2310 copper contract and BC 2310 contract was -388 yuan/mt.
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