The most-traded September copper contract on the Shanghai Futures Exchange slipped 0.9 percent to 50,540 yuan ($8,200) a tonne on Thursday, having touched a 1-week trough in overnight trade. In Shanghai, supply worries continued to support prices. Copper premiums jumped $10 to $135-$150 after news that some refined copper suppliers were asking customers to take fewer shipments, according to China price provider Shmet.
Chile's Codelco has asked certain buyers of refined copper in China to cancel some term shipments scheduled for delivery in the second half of the year as the firm processes less ore from a new mine, three sources said.
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