[Market Trend of Copper Cathode in Shandong Region] The supply and demand in Shandong region remained weak, with market transactions mainly driven by rigid demand. According to SMM, the demand side continued to exhibit off-season characteristics this week. However, the pullback in the center of copper prices drove an increase in procurement volume from some downstream customers, resulting in slightly better transactions compared to last week. On the supply side, spot inventory remained tight, and spot prices remained firm. Looking ahead to next week, it is expected that there will be no significant increase in demand during the off-season for consumption. However, if the center of copper prices pulls back further, spot transactions are expected to improve.