SMM News: Shandong region maintained a weak supply-demand balance this week, with subdued market activity and persistently declining spot premiums/discounts. Specifically, copper prices pulled back during the week, while downstream orders showed slight improvement. However, overall demand remained mediocre due to the off-season impact. With the approaching contract rollover, near-month contracts displayed a backwardation structure. Downstream procurement stayed need-based, and suppliers lowered spot premiums/discounts to boost transactions for achieving phased sales targets.