【SMM Morning Meeting Minutes: End-of-year demand gradually weakening impact, copper price difficult to sustain upward trend】:
On December 22, the 1# electrolytic copper for the 2401 contract was reported to have a premium of 140-230 yuan/ton, with an average premium of 185 yuan/ton, a decrease of 95 yuan/ton compared to the previous period. Last Friday, the increase in imported copper supply had a slight impact on spot premiums. At the morning market, holding merchants reported mainstream flat copper premiums of 230-240 yuan/ton, while good copper such as CCC-P had premiums of 230-250 yuan/ton. Last week, spot prices were affected by expectations of tight supply, and downstream procurement and stocking sentiment were relatively positive, with some high-price transactions.

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