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This week, spot premiums/discounts in North China operated at low levels. As of Thursday, spot premiums/discounts stood at a discount of 300–260 yuan/mt, with an average discount of 280 yuan/mt. Post-Chinese New Year consumption in the North China market remained sluggish, processing enterprises faced high inventory levels, and copper prices showed no significant weakness during the week. Coupled with the approaching month-end period, downstream demand was poor. However, for suppliers, the current large discounts were also difficult to accept, leading some cargoes to be sent to warehouses in various regions. Spot market trading activity was sluggish. Next week marks the beginning of March, and downstream financial pressure may ease, potentially restoring some restocking demand, while suppliers' sentiment to stand firm on quotes is gradually strengthening. Nevertheless, copper prices remain the key determining factor for consumption.
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