Road transport logistics have basically ceased, and the market is expected to enter a holiday state. [SMM North China Spot Copper]

[ChinaIOL Latest Data] In 2025, China's refrigerator and freezer production and sales scale both exceeded 140 million units, increasing slightly YoY, with the growth rate significantly slowing down compared to the same period last year.

Spot premiums are anticipated to remain under downward pressure. With the Chinese New Year holiday approaching, market participation continues to wane as most suppliers and downstream firms gradually enter the holiday period, leading to sluggish overall trading activity. On the supply side, cargoes secured during earlier favorable import arbitrage windows are steadily arriving at ports, increasing available spot supply. Meanwhile, demand weakens further as downstream enterprises have largely completed pre-holiday stockpiling and exhibit low purchasing willingness at this stage, resulting in a clearly oversupplied market. Overall, trading is expected to remain subdued, and spot discounts are projected to widen further tomorrow.

[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.