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Dragged down by expectations of tighter liquidity by the Federal Reserve, London copper closed down $117 overnight; Weekly processing fees for copper concentrate have rebounded sharply, mine supply expectations remain unchanged, and consumption is expected to fall in the
off-season.
Dragged down by the expectation of tightening liquidity by the Federal Reserve, copper prices retraced from the record high of $10,747.
50 per ton hit in May, and copper fluctuated in a narrow range overnight, with the latest closing quotation of $9,328 / ton, closing down $117, or 1.
24%, with a volume of 14,153 lots down by 3,461 and a position of 318,550 up
3,259.
In terms of inventories, the London Metal Exchange (LME) reported 214575 tonnes of London copper on July 8, unchanged from the previous session
.