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During the week, copper prices fluctuated rangebound, and SHFE spot copper shifted from premiums to discounts against futures. As year-end approaches and companies close their accounts, the market entered a sell-off phase in the latter half of the week, with spot discounts widening significantly. Entering the year-end, market trading was sluggish. According to SMM data, inventories in Shanghai increased by 8,800 mt from Monday to 80,900 mt on Thursday this week, as imports rose while outflows from warehouses decreased. Looking ahead to next week, the last two trading days of 2024, a few companies are expected to still have inventory clearance and payment collection targets, which may exert pressure on spot transactions, with spot discounts likely to widen further. However, moving into 2025 trading, spot prices are expected to return to premiums. During the annual copper cathode long-term contract negotiations, suppliers are expected to maintain relatively firm offers.
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