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This week, spot premiums/discounts in North China showed a downward trend. As of Thursday, spot discounts ranged from 190 yuan/mt to 70 yuan/mt, with an average discount of 130 yuan/mt. During the week, the center of copper prices moved higher, further weakening demand in the North China market, which is already in the off-season. Downstream buyers have not yet started stockpiling, and spot trading activity remained mediocre, putting pressure on spot premiums/discounts. Looking ahead, although there is downstream stockpiling demand before the Chinese New Year, some downstream and logistics companies are expected to begin their holidays after the Little New Year. As a result, upstream suppliers may seek to pre-sell in advance, and smelters might offer concentrated discounts to clear inventory, potentially driving spot premiums/discounts further downward.
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