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On Monday this week, the last trading day of the SHFE Copper 2502 contract concluded, and the spot market officially transitioned to quoting the SHFE Copper 2503 contract. In the two weeks following the Chinese New Year, copper cathode inventories in the Shanghai region continued to experience inventory buildup. As of Thursday this week, SMM copper cathode inventories in the Shanghai region recorded 212,100 mt, while SHFE copper futures warehouse warrants in the Shanghai region stood at 71,483 mt. During the week, copper prices briefly dipped and rebounded, and the Contango price spread between the SHFE Copper 2503 and 2504 contracts widened. Suppliers showed a clear sentiment to stand firm on quotes. Despite weak downstream consumption, suppliers exhibited no significant willingness to offload cargo, and premiums remained relatively stable this week. Looking ahead to next week, high copper price fluctuations are expected to limit downstream purchase willingness, and the upward momentum of premiums and discounts is likely to struggle. However, considering suppliers' costs, discounts are expected to narrow slightly compared to this week.
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