Pre-Holiday Stockpiling Demand in North China Market Remains Weak, Spot Premiums/Discounts Continue to Decline [SMM North China Copper Cathode Spot Weekly Review]

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       This week, spot premiums/discounts in North China dropped significantly. As of Thursday, spot premiums/discounts stood at a discount of 350–270 yuan/mt, with an average discount of 310 yuan/mt. Before the holiday, stockpiling demand in the North China market was weak due to the suppression of rising copper prices. During the week, downstream enterprises gradually entered holiday mode, and those still operating slowed production, focusing on consuming raw material inventory. By the end of the week, logistics gradually ceased operations, and suppliers mostly offered discounts to trade with traders, leading to a continued decline in spot premiums/discounts. Post-holiday restocking demand is expected to depend mainly on copper prices. However, some downstream sectors in the North China market will remain on holiday until the Lantern Festival. According to the seasonal pattern, demand in the first week after the holiday is often relatively weak.

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