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Home / Metal News / Tumbling SHFE Copper Attracted Downstream Buyers into the Market

Tumbling SHFE Copper Attracted Downstream Buyers into the Market

Feb 7, 2023 13:38

Source:SMM

Some downstream buyers entered the market as SHFE copper prices fell below 68,000 yuan/mt, bolstering spot quotes.

Still, there is pressure for spot quotes to rise further against high inventories. If the consumption remains robust, spot quotes can extend gains for the rest of this week.

Spot #1 copper cathode was quoted with discounts of 50-10 yuan/mt against the SHFE 2302 copper contract, with an average discount of 30 yuan/mt, 40 yuan/mt higher than yesterday.

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