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SHFE copper extended losses but copper/LME copper price ratio stayed high, allowing more copper imports to flow into domestic market. In the morning, spot premiums dropped to RMB 20-80/mt. But buyers were still unwilling to accept the lower prices, driving spot premiums down further. Near noon, hydro-copper was shipped out at discounts. Spot premiums on standard-quality and high-quality copper decreased to RMB 0/mt and RMB 50/mt, respectively. As such, some traders hunted cheaper copper. Downstream buyers purchased as needed.
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