Shanghai Metal Market: Shanghai Copper Falls from High Levels, Downstream Buys on Dips for Stockpiling

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Today, Shanghai Metal Market #1 electrolytic copper quotation is 102,340-102,580 yuan/ton, with an average price of 102,460 yuan/ton, down 200 yuan/ton compared to the previous trading day. The Shanghai copper 2605 contract is reported to be up 10-50 yuan/ton. This morning, copper prices remained volatile within a high range, and by midday, the main Shanghai copper contract fell 680 yuan/ton, a decrease of 0.66%. Copper prices maintained a stage high-level intra-day range, with a pullback from the high copper price level, which still suppresses demand. However, with the weekend and May Day holiday approaching, coupled with the decline from high copper prices, the replenishment demand supports the spot premium to stay steady and rise. By the close, our premium copper is reported at 30-50 yuan/ton, flat copper at 10-30 yuan/ton, wet-process copper at a discount of 50-30 yuan/ton, and unregistered copper at a discount of 100-80 yuan/ton. (SHMET)

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