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[SMM Shanghai Spot Copper] Spot premiums/discounts are still expected to face downward pressure. As the Chinese New Year holiday approaches, market participation continues to decline, with most suppliers and downstream enterprises gradually entering the holiday period, resulting in sluggish overall trading activity during the day. On the supply side, price-ratio cargoes locked in during the previous period of open import arbitrage windows are continuously arriving at ports, leading to significant inventory buildup in the Shanghai area during the day. On the demand side, downstream enterprises have generally begun their holidays due to the approaching festival, causing procurement demand to weaken further. Overall, the market is expected to remain sluggish, and spot discounts are projected to widen further tomorrow.

The front-month contract closed at 101,950 yuan/mt in today's afternoon session, up 320 yuan/mt from the previous trading day. In Hubei, secondary copper rod was quoted at 100,900–101,000 yuan/mt, at a discount of 950–1,050 yuan/mt against the front-month contract (average discount of 1,000 yuan/mt). Approaching the Chinese New Year holiday, the actual trading atmosphere in the secondary copper rod market was sluggish.