I use word for financial report writing. In doing so, I often use embedded
excel spreadsheets.
From time to time, I need to refer to the same spreadsheet at different
points within a document. During the writing process, several numbers may
change with market conditions, etc, and may affect the results in each table
that is embedded. At present, when a worksheet is embedded, it cannot be
copied/pasted, and have any updates carried through to each embedded
spreadsheet. Is it possible for a “master” excel file to be embedded, which
can be pasted several times afterwards, but each successive item that is
pasted, refers back to the “master” which can be updated?

I think not, but if not, MS should look into it.

You can do this by pasting links to ranges in your embedded spreadsheet.
Here's how:
Right-click your embedded sheet and choose Worksheet Object, Open. This
opens the sheet not for in-place editing but in a new instance of Excel in a
separate window.
In the Excel Window, copy the desired range to the clipboard, switch to the
Word window and Paste Special, Worksheet Object, Paste Link, OK.
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TedMi