Trading in the spot market was not ideal, with spot premiums continuing to decline this week [SMM Weekly Review of Spot Copper Cathode in Shandong]

      This week, spot premiums/discounts in Shandong continued to decline. As of Thursday, the average spot premiums/discounts in Shandong were reported at a discount of 100 yuan/mt. Specifically, trading activity was sluggish this week. Downstream players indicated that after the center of copper prices rose above 78,000 yuan/mt, new orders performed poorly. Additionally, as the month-end approached, procurement this week was mainly based on long-term contracts. Overall, spot supply in Shandong was ample this week, but demand showed a mediocre performance. Downstream procurement was mainly driven by immediate needs and long-term contracts. Looking ahead to next week, with the successive arrival of imported copper, domestic social inventory is expected to continue rebounding, while market consumption is expected to weaken. Weak demand is still expected to exert downward pressure on spot premiums/discounts in Shandong.

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