High copper prices and weak demand, spot cargo transactions remain weak [SMM Weekly Review of Copper Cathode Spot in Shandong]

     This week, spot premiums/discounts in Shandong province rebounded from a low level. As of Thursday, the average spot premiums/discounts in Shandong province were reported at a discount of 120 yuan/mt. Specifically, copper prices rose this week, and the market was filled with fear of high prices. Under the dual impact of weak demand and high copper prices, the enthusiasm for downstream procurement was severely dampened. However, the current spot inventory of smelters in Shandong province is not large. With the conclusion of mid-year settlements, smelters have no intention of significantly reducing prices to sell goods. Overall, Shandong province was in a situation of weak supply and demand this week, with spot premiums/discounts showing a tug-of-war and transactions remaining weak. It is expected that spot prices in Shandong province may drop back slightly next week.

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