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SHFE copper prices were volatile, but spot copper supply remained stable. Spot copper premiums thus fell gradually to between positive RMB 20-80/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 57,720-57,820/mt, and RMB 57,750-57,880/mt for high-quality copper. Cargo-holders held divergent views towards volatile copper prices, while downstream producers were still wary of purchases, keeping market activity modest in the morning session. In the afternoon business, SHFE copper prices drifted lower, so spot copper premiums inched up to positive RMB 40-100/mt, but traded prices fell marginally to RMB 57,700-57,800/mt, with limited market transactions. SHFE copper stocks decreased by 9,178 mt to 187,449 mt last Friday, as downstream producers conducted bargain hunting at prices below RMB 58,000/mt, and since domestic copper smelters and trading firms stepped up efforts in delivering copper to the LME warehouses.
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