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This week, spot premiums/discounts in North China plummeted. As of Thursday, the premiums/discounts were at a discount of 480 yuan/mt to 340 yuan/mt, with an average discount of 410 yuan/mt. Before delivery, due to the sustained high price spread between futures contracts and the impact of the off-season, downstream consumption was sluggish. The low operating rate of processing enterprises led to poor demand, making it difficult to digest the supply of copper cathode in the north. Some suppliers faced inventory pressure and were pessimistic about the future market outlook, choosing to continuously lower prices to secure transactions, resulting in a rapid decline in spot premiums/discounts during the week. After delivery, the demand outlook remains uncertain, and it is expected that spot premiums/discounts will pull back again after rising.
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