Year-End Downstream Demand Weakens, Spot Prices Continue to Decline [SMM Shandong Copper Cathode Spot Weekly Review]

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        In Shandong this week, the center of spot premiums/discounts continued to decline, with the average spot discount in Shandong reported at 170 yuan/mt as of this Thursday. Specifically, although downstream processing enterprises began stockpiling ahead of the holiday this week, procurement volume remained limited. Additionally, the rise in copper prices during the week suppressed downstream purchase willingness, prompting smelters to actively lower premiums/discounts to increase shipments. Looking ahead to next week, despite downstream enterprises still having pre-holiday stockpiling demand, overall year-end demand is expected to remain weak. Coupled with sufficient raw material inventory at some enterprises, procurement volume is likely to stay limited. Smelters, aiming to reduce sales pressure before the Chinese New Year, may resort to low-price clearance sales. Spot premiums/discounts in Shandong are expected to have further downside room next week.

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