Copper trading range for the day is 455.1-467.7. Copper dropped on profit booking after prices seen supported by Beijing’s attack on polluting industries, supply reforms and robust demand growth. Citi say there are over 30 labour contracts, covering around 5mln tns of mine supply, due to expire next year, most of them in Chile and Peru. China’s copper smelters lowered the floor for their TC/RCs in the first quarter of 2018 by 8.4 percent, signalling tighter supply of copper concentrate in the first three months.
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