Copper Prices Jumped Initially and Then Pulled Back, Spot Discounts Expanded First and Then Narrowed [SMM Shanghai Spot Copper Weekly Review]

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       During the week, SHFE copper jumped initially and then pulled back, breaking through 83,000 yuan/mt mid-week, with copper prices between 81,000-83,000 yuan/mt suppressing downstream consumption. According to SMM data, as of Thursday this week, social inventory of copper cathode in the Shanghai region decreased by 500 mt from Monday to 226,400 mt, still showing low inbound volumes. Towards the end of the week, as copper prices successively fell to 81,500 and 81,000 yuan/mt, downstream purchasing sentiment significantly increased, and spot discounts narrowed to within 50 yuan/mt. Looking ahead to next week, with copper prices declining, downstream orders on hand average 3-5 days, and coinciding with stockpiling for the Qingming Festival, spot discounts are expected to continue narrowing to parity.

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