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During earlier Asian trading hours, LME copper prices are still on an upward track, fluctuating around USD 6,700/mt. SMM believes SHFE copper prices will move higher due to rising LME copper prices, but depressed spot sales from high prices will limit the advance. Hence, SMM expects SHFE July delivery copper contract to move in the RMB 53,500-54,000/mt range on Wednesday.
To contact the writer on this report: iriszhu@smm.cn
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