Arrival of Imported Copper Impacts SHFE Copper, Spot Premiums Continue to be Suppressed [SMM Weekly Review of Shanghai Spot Copper]

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     This week, spot premiums first declined and then rose, mainly due to the continuous arrival of imported copper. However, as the Dragon Boat Festival holiday approached, downstream players still had stockpiling sentiment, with cargo pick-up improving mid-week and inventories declining during the week. Looking ahead after the holiday, as LME Asian inventories continue to flow into China, it is expected that there will be continuous arrivals during the Dragon Boat Festival, providing downstream buyers with more purchasing options and further driving down prices. Currently, copper prices are stabilizing around 78,000 yuan/mt, with no significant improvement in downstream orders or operations. Therefore, it is expected that the east China market will face pressure from oversupply next week.

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