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Spot copper premiums were RMB 120-220/mt in Shanghai on Tuesday. Traded prices for standard-quality copper were between RMB 54,480-54,640/mt, and RMB 54,530-54,750/mt for high-quality copper. Suppliers of imported copper refused to sell at lows after the SHFE/LME copper price ratio fell sharply. SHFE 1307 SHFE copper contract fell back by nearly RMB 200/mt near the mid-day, while spot copper premiums rose further. High-quality copper was favored by middlemen, widening price gap with standard-quality copper. Downstream producers continued to go bargain hunting. Trading will improve further after the SHFE/LME copper price ratio bounces back. Some middlemen purchased spot goods and sell futures in the afternoon, and premiums for spot copper were quoted slightly lower to RMB 120-200/mt, with traded prices at RMB 54,650-54,780/mt.
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