Pre-holiday Stockpiling Winds Down; Spot Copper Premiums in North China Continue to Weaken [SMM North China Copper Cathode Spot Weekly Review]

In North China, as of this Thursday, premiums stood at 650-750 yuan/mt, averaging 700 yuan/mt, down 300 yuan/mt WoW. Spot premiums continued to decline, with supply pressure easing somewhat. Futures consolidated, and with the long holiday approaching, downstream pre-holiday stockpiling was largely completed. Market buying continued to shrink, with only sporadic rigid demand transactions, and purchasing sentiment remained weak. Suppliers showed increased willingness to sell and proactively offered discounts, driving spot premiums lower step by step, with overall trading sluggish. Looking ahead, spot supply is gradually loosening, and demand will depend on the pace of end-user resumption after the holiday, with little visible improvement in the short term. Spot premiums are expected to continue moving lower after the holiday, with market transactions remaining sluggish.