Active Downstream Restocking After the Holiday, Suppliers Holding Prices Firm to Support Stabilization of SHFE Copper Discount [SMM Shanghai Spot Copper]
[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market remains under pressure. Supply side, although some suppliers offloaded cargo during the day, the discount did not widen significantly. Going forward, suppliers showed a stronger willingness to hold prices firm, with some enterprises controlling the pace of shipments, providing support for spot copper. Available supplies in Jiangsu were tight, further strengthening suppliers' willingness to hold prices firm. Demand side, on the first trading day after the Qingming Festival, downstream enterprises showed high enthusiasm for resuming operations, procurement sentiment recovered, and support from just-in-time procurement remained. Overall, driven by the combined effect of suppliers holding prices firm and downstream restocking, spot prices against the SHFE copper 2604 contract are expected to remain at a discount tomorrow.