The most active November copper contract on the Shanghai International Energy Exchange (INE) opened at 61210 yuan/mt. The contract prices closed at 60760 yuan/mt, a decrease of 310 yuan/mt or 0.51%. Bulls reduced open interest by 517 to to 27332 lots, and trading volume increased 710 lots and stood at 8423 lots.
On the macro front, the Federal Reserve suspended interest rate increases as scheduled in September and released a "hawkish" signal. Federal Reserve Chairman Powell stated that it is ready to further raise interest rates at the appropriate time. There is still a long way to go to reduce inflation to 2%. The dot plot chart shows that among the Fed officials who have provided interest rate forecasts this round, 12 predict that interest rates will be between 5.50% and 5.75% by the end of the year, and the remaining 7 predict that they will be between 5.25% and 5.50%. The U.S. dollar index hit a six-month high, and copper prices fell under pressure.
The price spread between SHFE 2311 copper contract and BC 2311 contract was -329 yuan/mt.
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