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This week, spot trading transitioned from the SHFE copper 2501 contract to the SHFE copper 2502 contract, with spot premiums gradually pulling back from around 100 yuan/mt at the beginning of the week. Additionally, as the execution of 2024 long-term contracts is nearly complete, downstream sectors are also preparing for the Chinese New Year break, slowing the pace of stockpiling. Spot premiums in Guangdong quickly pulled back, leaving little upside room for SHFE spot copper premiums. According to SMM data, as of this Thursday, Shanghai inventory increased by 5,100 mt compared to Monday, marking the start of an inventory buildup. Looking ahead to next week, as the Chinese New Year approaches, downstream stockpiling is expected to be largely completed, and spot market traders will also take a break. Some smelters will still have supplies available, but overall spot market transactions are likely to remain sluggish, with spot premiums potentially continuing to edge lower.
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