High copper prices curb end-use consumption; short-term spot copper demand remains weak
[SMM Shanghai Spot Copper] According to SMM, with copper prices recently rising to high levels, some end-users, concerned that prices may continue to climb, made small restocking purchases when futures pulled back, but overall procurement remained primarily just-in-time, with a strong wait-and-see sentiment in the market. By industry, orders at wire and cable enterprises were relatively weak; aside from previously awarded projects that still need to be delivered in stages, some enterprises showed reduced willingness to take on new orders. Orders at copper foil enterprises were relatively stable, with limited impact from rising copper prices. Overall, the dampening effect of high copper prices on end-use consumption is gradually emerging, and spot demand is expected to remain weak in the short term.
![Inventory declines again, spot premiums remain firm, but overall trading is weaker than yesterday [SMM South China spot copper]](https://imgqn.smm.cn/usercenter/DpfYZ20251217171714.jpeg)
![Copper prices and price spread between futures contracts both strengthen, spot discounts in North China widen [SMM North China spot copper]](https://imgqn.smm.cn/usercenter/hsjMg20251217171712.jpg)
