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Copper prices rebounded during the week, and after entering the SHFE copper 2505 contract, spot trading activity increased, with spot premiums breaking through 100 yuan/mt by the end of the week. Mid-week, copper prices fell below 76,000 yuan/mt, and downstream purchasing sentiment improved. However, as warrants continued to flow out, downstream buyers drove down purchasing prices, keeping spot premiums suppressed around 50 yuan/mt. In the latter half of the week, with a significant outflow of warrants and noticeable inventory digestion, spot circulation tightened. Against the backdrop of tightening copper scrap supply, this further benefited copper cathode consumption. Looking ahead to next week, SMM will hold a copper industry conference, and spot selling sentiment is expected to decrease. With the ongoing destocking trend, spot premiums are likely to continue rising. Meanwhile, attention should be paid to the price spread changes between Shanghai and Guangdong, as spot premiums in South China are leading the gains.
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