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Copper Extends Gains Toward Record
Copper prices continued to rise significantly, with futures reaching $14,690 per ton, approaching a new record high after hitting an all-time peak of $14,875 in early September. This increase is supported by a rebound in stock markets, a decline in oil prices, and expectations of reduced supply in China due to upcoming refinery maintenance. Additionally, uncertainty remains regarding the pace of imports amid congestion at the Shanghai port. The strong demand for the metal reflects market balance, despite a decline in the Yangshan premium, which remains high, helping to sustain the upward trend in prices.
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