Weak demand, spot premiums have been declining [SMM Weekly Review of Spot Copper Cathode in Shandong]

        After contract rollover this week, spot premiums/discounts in Shandong have been on a downward trend. As of Thursday, the average spot premiums/discounts in Shandong were reported at a discount of 125 yuan/mt. As the industry enters the off-season, downstream demand has weakened. Shandong has followed the Shanghai market in lowering prices. Long-term contracts and low-priced cargoes have dominated transactions this week, while spot orders have seen poor trading. Looking ahead to next week, downstream processing enterprises have reported varying degrees of order weakness. If copper prices do not pull back significantly, they will continue to maintain rigid replenishment. It is expected that there will still be downside room for spot premiums/discounts in Shandong next week.

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