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Spot discounts of refined copper in Shanghai were RMB 80-200/mt. Traded prices for standard-quality copper were RMB 58,450-58,530/mt, and for high-quality copper were RMB 58,520-58,780/mt. SHFE copper prices opened higher but moved lower. Traders were actively moving goods at higher prices to generate cash, keeping spot copper supply ample, and with spot discounts expanding. In the second trading section, copper prices slid rapidly, and traders were holding high-quality copper, with spot discounts narrowing. But supply was still sufficient as arbitragers continued to generate cash. Standard-quality copper was sold massively with high discounts, and downstream purchases increased at lower prices. But traders were expecting increasing spot discounts. In the afternoon, SHFE copper prices were weighed down further, and spot discounts remained between RMB 80-200/mt, while spot prices fell to RMB 58,500-58,650/mt. The short momentum improved, and transactions remained quiet.
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