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SHFE 1410 copper contract prices opened at RMB 50,410/mt during Friday’s night session influenced by weak LME copper. The October delivery copper met resistance at RMB 50,500/mt and closed RMB 180/mt at RMB 50,250/mt. Traded volumes for the most active SHFE copper contract remained at about 70,000 lots, while positions continued to rise by 2,836 lots.
On August 4, SHFE 1410 copper contract should trade at RMB 50,000-50,400/mt. Spot copper may be quoted between a discount of RMB 80/mt and a premium of RMB 40/mt against SHFE 1408 copper contract prices.
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