This week, spot copper premiums in Shandong remained stable. As of Thursday, the average spot price was quoted at a premium of 90 yuan/mt. During the week, copper prices stayed high, downstream demand remained sluggish, and market transactions were dominated by long-term contracts with limited scattered spot trades. Looking ahead to next week, maintenance at smelters in the province will conclude and regional spot supply will recover. However, the end-use market remains in the off-season, and Shandong spot prices are expected to have some downside room.
![The SHFE/LME price ratio is weakening, Yangshan copper premiums lack upside drivers, and downstream buying interest is sluggish [SMM Yangshan spot copper]](https://imgqn.smm.cn/usercenter/AbRbz20251217171711.jpg)
![[SMM Outside China Copper Scrap Weekly Review] Copper Prices Consolidated Higher, Discount Rates of Copper Scrap Diverged](https://imgqn.smm.cn/usercenter/AhHUS20251217171713.jpg)
