[SMM North China Spot Copper Market] In terms of supply, suppliers' funding pressure eased after the 25th, and spot copper supply from the north continued to move south; due to higher copper prices and some downstream enterprises not yet resuming work, demand also appeared sluggish. Activity in the North China spot copper market was sluggish.

[North China spot copper market] As copper prices pulled back significantly, downstream restocking sentiment received a boost, and market activity heated up. However, due to recent high market volatility, enterprises remain cautious. If copper prices stabilize, market transactions are expected to recover further.

[SMM North China Spot Copper Market] After delivery, copper prices pulled back, and downstream users made some just-in-time procurement. However, on one hand, the accumulated finished product inventories from previous processing are still being digested; on the other hand, downstream users still maintain a wait-and-see sentiment towards copper prices. As a result, market activity has not significantly recovered, and spot premiums at low levels.

[North China spot copper market] After copper prices surged, demand for copper cathode in the North China market was severely impacted, downstream wait-and-see sentiment was strong with low willingness to offer, some small enterprises even temporarily suspended production, only sporadic spot transactions were seen during the week, market activity was sluggish, and upstream suppliers faced difficulties in digesting inventory.

[SMM North China Spot Copper Cathode Market] As copper prices pulled back from their center, downstream restocking sentiment received a certain boost, trading activity in the North China market recovered somewhat, and spot premiums/discounts rebounded.

[SMM North China Spot Copper Market] Due to copper prices fluctuating at highs, spot copper consumption in North China has remained suppressed. The low operating rate of downstream enterprises has led to weak demand, compounded by maintenance periods at upstream smelters, resulting in sluggish spot trading activity since October.