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Shanghai copper stocks fall to 6-month low

July 30, 2010 - 09:01 GMT Location: Shanghai

Copper stocks on the Shanghai Futures Exchange (SHFE) fell to a six-month low this week in a still-tight spot market, sending the benchmark November contract higher on Friday.

Deliverable copper stocks in SHFE-monitored warehouses dropped by 8.3% or 9,415 tonnes to 104,507 tonnes this week, with 11,431 tonnes withdrawn and 2,016 tonnes delivered. SHFE November copper ended at 56,280 yuan ($8,292) per tonne, up 50 yuan from Thursday and 1.6% higher than last Friday. Shanghai spot copper premiums remain high at around $130-150 per tonne, up from the 2010 benchmark of $85. "We are offering Shanghai spot copper at a premium of...

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