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This week, Shanghai spot copper premiums bottomed out and rebounded. In mid-week, as the end of the quarter and semi-annual settlement approached, some enterprises had requirements for inventory and capital repayment. Suppliers sold off a large amount of spot cargoes, causing Shanghai spot copper premiums to decline. In the latter half of the week, after entering the next month's invoice period, the semi-annual settlement ended, and spot premiums surged back to nearly 100 yuan/mt. Looking ahead to next week, smelters are currently exporting copper cathode, and it is expected that domestic spot supply will be limited in the short term, with limited expected imports. Copper prices are expected to remain high, and with the current narrow price spread between futures contracts, it is expected that spot premiums may still rise.
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