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The Group said the PMI fell to a "seasonally adjusted" 48.4 in July against 52 in June and the question was now whether Chinese buying of refined copper would return in force after the usual mid-year slowdown.

"Given the recent price slump, Chinese buyers may well hold off until it becomes clear where the price floor is," it said.

The VM Group believes the LME 3-month short-term price will range between $6,800-$7,800/t.