Quotes were mixed in Shanghai due to delivery last week. As the price spread between the SHFE front-month and next-month contract expanded, spot premiums over the SHFE front-month copper contract reached around 100 yuan/mt at the beginning of the week. Spot discounts over the SHFE next-month contract stood at around 100 yuan/mt with the approach of delivery. However, sellers and buyers were at odds amid weak trades under long-term contracts ahead of delivery. Spot quotes returned to big discounts on Friday amid significant volatility in SHFE copper prices after delivery and significant inventory increase in Shanghai. Most of the trades occurred among traders.
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