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SHFE copper prices held flat, but spot copper supply remained sufficient at the month’s end, causing spot copper discounts to expand. Shanghai spot copper discounts were largely between RMB 150-270/mt in the morning business. Traded prices for standard-quality copper were between RMB 57,050-57,150/mt, and RMB 57,100-57,250/mt for high-quality copper. Cargo-holders expressed slight reluctance in moving goods at lows near the midday when copper prices dropped rapidly, and led market supply to decrease. As a result, copper discounts shrank marginally. Some speculators entered markets, but downstream buying was limited due to tight cash flows. Hence, overall market transactions were limited in the morning. In the afternoon session, since SHFE copper prices saw no major changes, spot copper offers and traded prices both held virtually flat with morning levels. Nonetheless, market activity remained muted at the month’s end.
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