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During the week, SHFE spot copper prices against futures showed discounts, and the discount widened further as transactions weakened. In the latter half of the week, logistics gradually decreased, and only some downstream sectors had rigid demand for purchases. Although there is still one trading day next week, actual downstream procurement transactions are unlikely. According to SMM data, as of Thursday this week, copper cathode social inventory in the Shanghai area increased by 8,900 mt to 84,900 mt, and the inventory buildup trend is expected to continue after the holiday. Looking ahead to the post-holiday period, social inventory is expected to increase, but with some time remaining before delivery, spot discounts are expected to expand first and then narrow.
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