Pre-Holiday Stockpiling Demand Was Lackluster, Spot Market Activity Was Sluggish [SMM North China Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, enterprises with pre-holiday stockpiling demand have largely completed their stockpiling activities, and market trading is likely to turn sluggish. From the supplier side, with month-end settlement approaching, willingness to sell remains weak. Cargoes with invoices dated this month are priced relatively high, and available low-priced supplies are limited, providing strong support for spot premiums. Supply side, the import window has opened, and expectations of ex-China cargo inflows are strengthening. However, considering logistics and customs clearance delays, the short-term impact on the spot market is limited, and attention should be paid to the pace of post-holiday arrivals. Overall, Shanghai spot copper prices against the 2605 contract are expected to maintain a premium tomorrow.