US Federal Reserve may Continue to Raise the Interest Rate and the INE Bonded Copper Prices Fell

SHANGHAI, May 12 (SMM) - Today, the most traded INE bonded copper 2207 contract showed an overall downward trend. After the opening, it fell to 63,180 yuan/mt, then continuously fell to 63,060 after a short rebound. During the afternoon, it fell sharply to 62,680 yuan/mt and finally closed at 62,480 yuan/mt, down 610 yuan/mt, or 0.97%. Trading volume was 22,782 lots, and the open interest increased by 1,137 lots to 12,846 lots, mainly reflected in short increasing. In terms of macro, as the US CPI did not reached the expectation, the US Federal Reserve may continue to raise the interest rate, so the upward of copper prices was still under pressure. The SHFE 2207 contract closed at 70470 yuan/mt. If the INE bonded copper 2207 contract  was 62480 yuan/mt, the after tax price should be 70602 yuan/mt. The price difference between the INE bonded copper 2207 contract and the SHFE 2207 copper contract was about 132 yuan/mt, which was narrowed.