Spot Premiums/Discounts Bottom Out After the Holiday but Future Consumption Shows Little Improvement [SMM North China Copper Cathode Spot Weekly Review]

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       This week, spot premiums/discounts in North China hit bottom and rebounded. As of Thursday, spot premiums/discounts stood at a discount of 140 yuan/mt to 60 yuan/mt, with an average discount of 100 yuan/mt. Before the New Year's Day holiday, producers sold off their inventories at low prices to meet targets, with the party holding cash flow dominating and suppressing spot premiums/discounts. This led to a significant discount in the market at low prices. After the holiday, suppliers saw eased inventory pressure, and low-priced cargoes were no longer available in the market, but trading activity remained mediocre. Looking ahead, North China is currently in the off-season for consumption. Market demand is expected to remain weak before stockpiling for the Chinese New Year, and the upward space for spot premiums/discounts is expected to be limited.

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