State Grid's inter-provincial electricity trading volume in January increased by over 10% YoY

[Shanghai spot copper] Spot premiums/discounts are still expected to face downward pressure. Approaching the Chinese New Year holiday, market participation continues to decline, with most suppliers and downstream enterprises gradually entering the holiday period, leading to a generally sluggish trading atmosphere during the day. Supply side, price-ratio locked cargoes secured during the previous period of open import arbitrage windows are continuously arriving at ports, and the supply of spot copper available in the market is steadily increasing. Demand side, however, is weakening further due to the approaching holiday, as downstream enterprises have generally completed their pre-holiday stockpiling, resulting in low purchase willingness at this stage and a clear supply-demand weak pattern in the market. Overall, the market is expected to maintain sluggish trading, with spot discounts forecast to widen further tomorrow.