Stockpiling Before Holiday Concluded, Market Transactions Remain Sluggish [[SMM Weekly Review of Spot Copper Cathode in Shandong]]

      This week, the trend of spot premiums/discounts in Shandong remained stable, with limited fluctuations. As of the last trading day before the holiday, the average spot premiums/discounts in Shandong were reported at a premium of 5 yuan/mt. The trading activity in the Shandong market was generally moderate this week, with limited upward movement in spot premiums/discounts. Specifically, the supply in the spot market remained relatively tight this week, providing suppliers with confidence to stand firm on quotes. However, downstream customers mainly engaged in just-in-time procurement, and the stocking demand before the holiday was relatively small, making it difficult for premiums to continue rising. Looking ahead, the continuous destocking of social inventory will provide support for the firmness of spot prices. However, the actual performance of downstream orders after the holiday will be the key factor determining whether spot premiums can continue to rise.

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