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This week, spot premiums/discounts in north China continued to weaken. As of Thursday, spot premiums/discounts ranged from a discount of 270 yuan/mt to a discount of 150 yuan/mt, with an average discount of 210 yuan/mt. During the week, as the center of copper prices rose, downstream consumption became increasingly sluggish, processing enterprises slowed their cargo pick-up progress, and some enterprises planned longer holidays or even started their holidays early. Pre-holiday stockpiling demand was muted, and spot market trading activity was dismal, with some suppliers already shipping to south China. Looking ahead, with the Chinese New Year holiday approaching, overall stockpiling demand is expected to remain weak. As more downstream enterprises gradually go on holiday, spot premiums/discounts are expected to remain under pressure.
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