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This week, spot premiums/discounts in North China operated at low levels. As of Thursday, spot premiums/discounts ranged from a discount of 300 yuan/mt to a discount of 220 yuan/mt, with an average discount of 260 yuan/mt. Most downstream enterprises resumed operations during the week, but consumption was significantly suppressed due to the continuous rise in the center of post-holiday copper prices. Many downstream enterprises had bearish expectations for post-holiday copper prices. Coupled with high finished product inventories and slow digestion, purchasing sentiment remained weak. As the delivery date approached, suppliers showed low willingness to sell at reduced prices. Overall, spot trading activity during the week was dismal. Next week will see contract rollover. Based on the price spread between futures contracts, spot premiums/discounts are expected to first decline and then rise. However, if copper prices remain strong, market demand is unlikely to see significant improvement.
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