The most active November copper contract on the Shanghai International Energy Exchange (INE) opened at 59680 yuan/mt today and closed at 60460 yuan/mt, a decrease of 560 yuan/mt or 0.92%. Bulls reduced open interest by 2198 to to 25134 lots, and trading volume increased 3178 and stood at 11601 lots.
On the macro front, the Bank of Japan kept its benchmark interest rate unchanged at -0.1%, in line with market expectations; the Bank of England kept its benchmark interest rate unchanged at 5.25%, after the market expected a 25 basis point interest rate hike. The Federal Reserve recently released a "hawkish" signal, and the U.S. dollar index was strong. Meanwhile, LME copper inventories continued to accumulate, lowering copper prices.
The price spread between SHFE 2311 copper contract and BC 2311 contract shrank to -300 yuan/mt.
