SMM

This week, spot premiums/discounts in the spot copper market in Shandong remained at low levels. As of Thursday, the average spot premium/discount in Shandong was reported at a discount of 325 yuan/mt. Specifically, the recovery pace of end-use demand was relatively slow. After the center of copper prices shifted downward on Tuesday, the purchasing enthusiasm of downstream processing enterprises improved slightly, but overall buying interest remained low. Spot market transactions this week showed only slight improvement, and overall activity still needs further enhancement. Looking ahead to next week, spot premiums/discounts in Shandong are already near the bottom, and the downside room for premiums/discounts is expected to be limited.