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This week, the spot market in North China showed a situation of weak supply and demand. As of Thursday, spot premiums/discounts were at discounts of 180 yuan/mt to 120 yuan/mt, with an average discount of 150 yuan/mt. The rise in copper prices during the week further suppressed the already weak demand. However, due to the opening of the export window, some supplies in the market were exported, while others were delivered under long-term contracts or shipped to other regions. Therefore, the inventory pressure on suppliers was relatively small, resulting in sluggish activity in the spot market during the week. Looking ahead to next week, affected by the off-season and with demand expectations remaining pessimistic under the current price spread between futures contracts, there is still some room for spot premiums/discounts to weaken.
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