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The contract moved stably around RMB 40,800/mt Thursday morning with a lower session-start in Chinese stock market and then followed LME copper up to RMB 41,000/mt before ending at RMB 41,060/mt, up by RMB 240/mt or 0.59%. Positions declined 2,374 to 230,840 and trading volumes decreased 258,000 lots.
In Shanghai market, spot copper was offered RMB 20-60/mt below SHFE 1509 copper on Thursday, versus RMB 40,800-40,880/mt for standard-quality copper and RMB 40,820-40,900/mt for high-quality copper.
Market supply stabilized on Thursday. Huge amount of high-quality copper forced them to be traded at lows while standard-quality copper and hydro-copper enjoys high popularity. Traders thus were unwilling to sell standard-quality copper at lows but meanwhile the prices were hard to be raised further. Low prices attracted downstream buyers to enter market. Prices diverged a lot between different brand copper and this allowed transactions to be mixed. Trading activity among traders declined.
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