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In Shandong, spot premiums/discounts declined steadily this week, with the average spot discount in the region reported at 200 yuan/mt as of Thursday. Due to a sharp reduction in year-end downstream procurement demand, smelters actively lowered premiums/discounts to reduce inventory levels. Coupled with a slight uptick in copper prices at the end of the week, the decline in premiums/discounts widened. Looking ahead, short-term consumption demand is expected to remain weak. To increase shipments, smelters are likely to continue reducing spot premiums/discounts.
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