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Record-high copper prices freeze Chinese spot trading
But buying in China’s copper spot market has ground to a halt due to an absence of demand at these elevated price levels, sources have told Fastmarkets. On Monday, Comex copper prices reached an all-time high of $5.20 per lb, or $11,464 per tonne, before closing at $5.11 per lb. The LME three-month copper price surged to an all-time high of $10,954 per tonne the same day, before closing at $10,889 per tonne. On the SHFE, the most-traded July copper contract hit a record high of 88,930 yuan ($10,875, excluding 13% value-added tax) per tonne, before finishing the day at 87,670 per tonne. In China, the world’s ... (full story)