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SHFE copper prices fluctuated weakly with the price gap among all SHFE copper contracts narrowing. The SHFE/LME copper price ratio fell considerably, but spot copper cargo-holders still stepped up sale volumes owing to growing bearish sentiment. This kept spot copper supply sufficient. Spot copper premium quotes were positive RMB 80-150/mt in the morning business. Traded prices for standard-quality copper were between RMB 54,620-54,680/mt, and RMB 54,680-54,750/mt for high-quality copper. Some traders chose to enter markets at the lows, while downstream producers continued buying as needed. Overall market transactions remained limited in the morning, though. In the afternoon, SHFE copper prices rallied from previous lows, but spot copper premium quotes stabilized, while traded prices widened slightly to RMB 54,600-54,800/mt. Investors were still unsure about the direction of future copper prices, so there were barely market transactions in the afternoon.
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