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>This week, the center of spot premiums/discounts rebounded. As of Thursday this week, the premiums/discounts were in the range of discounts of 180 yuan/mt to discounts of 120 yuan/mt, with an average discount of 150 yuan/mt. Due to the decline in inventory at a large processing enterprise earlier, its production line operating rate rebounded during the week, and the rigid demand for inventory replenishment increased, enabling the overall market supply to be absorbed. Market trading activity also warmed up compared to before. However, due to the upward shift in the center of copper prices and the widening of the price spread between futures contracts as the delivery date approached, the overall downstream consumption remained pessimistic. Next week, the delivery logic will come into play, and it is expected that the upside performance of spot premiums/discounts will be under pressure.
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