In North China, as of Thursday this week, spot premiums ranged from 50 to 200 yuan/mt, with an average premium of 125 yuan/mt, up 510 yuan/mt WoW. Futures prices swung wildly this week, highlighting downstream fear of high prices. Demand was only released during price pullbacks for essential needs, resulting in weak restocking continuity. Suppliers flexibly adjusted their strategies based on futures movements and the contract rollover pace. Although terminal restocking momentum remained insufficient, overall shipment sentiment stayed high. Looking ahead, the off-season weak demand structure is unlikely to reverse in the short term, and downstream buyers generally adopt a wait-and-see approach. If copper prices rise again, downstream fear of high prices will resurface. Spot trading of copper cathode in North China is expected to stay weak next week, with spot premiums under pressure and consolidating.
