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London Metal Exchange (LME) copper for three months delivery was on the rise in the wake of the rising Shanghai Futures Exchange (SHEF) during the previous days\' breaks, settled at $4,849 a tonne, up $287. While, the SHEF copper for March deliverly SCFc3 ended up RMB2,560/MT, or 6.6%, to RMB41,110/MT; and its copper warehouse stocks saw a reduction of 4,142 tonnes to 18,766 tonnes, the lowest level since the start of February. The backwardation was up to over RMB1000/MT. As for COMEX copper for May delivery HGK9, it surged 9.75 cents, or 4.7 percent, to $2.1685 per lb, its highest level since mid-October. The recently-announced im-export copper data of March from China shored up the upbeat sentiment as such. The SHEF copper will follow suit of LME copper trend and there\'s a big possibility for it to reach new high of this year for short terms.
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