Bonded Copper Prices Fell Below 59,500 Yuan/Mt As US Dollar Index Continued To Rise

The most active November copper contract on the Shanghai International Energy Exchange (INE) opened at 59380 yuan/mt today and closed at 59470 yuan/mt overnight, a decrease of 670 yuan/mt or 1.11%. Bulls reduced open interest by 1962 to to 2662 lots, and trading volume decreased 16453 and stood at 7207 lots.

On the macro front, a series of recent "hawkish" remarks by Federal Reserve officials have caused the U.S. dollar index to continue to rise. Minneapolis Fed President Neel Kashkari believes that there is a 40% possibility of continuing to raise interest rates; in addition, global visible inventories continued to accumulate. Copper prices continued to weaken.

The price spread between SHFE 2311 copper contract and BC 2311 contract was -201 yuan/mt.