Bonded Copper Prices Fell Further

The most active November copper contract on the Shanghai International Energy Exchange (INE) opened at 60240 yuan/mt today and closed at 59560 yuan/mt overnight, a decrease of 730 yuan/mt or 1.21%. Bulls reduced open interest by 19098 to to 4624 lots, and trading volume increased 14209 and stood at 23660 lots.

On the macro front, another Federal Reserve official made "hawkish" remarks on Monday, saying that the debate on the Federal Reserve's current policy is no longer how many basis points it will raise interest rates, but how long it needs to keep interest rates at its peak, and whether it will cut interest rates next year. The range fell to 50 basis points from 100 basis points expected in June. The U.S. dollar index hit a 10-month high, and copper prices fell under pressure.

The price spread between SHFE 2311 copper contract and BC 2311 contract shrank to -68 yuan/mt, contracting for eight consecutive trading days.