The center of copper prices weakened, while demand recovered somewhat. Suppliers' reluctance to budge on prices gradually strengthened. [SMM Weekly Review of Spot Copper Cathode in North China]

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       As of Thursday this week, spot premiums/discounts in North China ranged from a discount of 150 yuan/mt to a discount of 90 yuan/mt, with an average discount of 120 yuan/mt. During the week, as the delivery date was crossed, the reversal of the price spread between futures contracts before the contract rollover led to an increase in spot premiums/discounts. Along with the downward movement of the center of copper prices, consumption saw a certain recovery. After the finished product inventories of downstream processing enterprises declined, the operating rate recovered somewhat, and they began to replenish their stocks. Meanwhile, as suppliers' inventories were not high, their reluctance to budge on prices gradually strengthened. Looking ahead to next week, with copper prices expected to remain in the doldrums, demand prospects are moderate. However, market supply will continue to provide suppliers with a certain impetus to refuse to budge on prices due to the impact of smelter maintenance and the southward flow of goods from the north.

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