Spot prices in Shanghai remained largely unchanged last week. Spot discounts of standard-quality copper stood at 150-130 yuan/mt, and at 90-70 yuan/mt for high-quality copper. As the price of copper rose from the 68,000 yuan/mt mark to above 69,000 yuan/mt, downstream buyers stood on the sidelines, purchasing as required. Some purchases occurred for long-term contracts delivery early last week. Purchases by traders weakened due to the completion of long-term contracts at the end of the week. Traders refrained from raising prices amid high inventory. Quotes barely changed but traded prices fell towards the low-end of the quotes.
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