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Shanghai copper spot to remain weak tomorrow. On the supply side, the import window is open, raising expectations of further inflows. Some imported cargoes are circulating, keeping spot discounts under pressure. Meanwhile, some smelters are accelerating shipments to reduce inventories before the holiday, adding to supply pressure. On the demand side, downstream buyers remain cautious, mostly purchasing on rigid needs with limited appetite for higher prices. Some pre-holiday restocking ahead of the Qingming festival may offer modest support, but it is unlikely to reverse the overall weak supply-demand balance. In summary, spot quotes against the 2604 contract are expected to hold at current levels.

[SMM North China Copper Cathode Spot Market] During the week, copper prices fluctuated and downstream buyers maintained a wait-and-see sentiment. Consumption demand in the North China copper cathode market slowed compared with mid-to-late March, and spot premiums came under pressure, falling back below spot premium levels in east China.