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This week, spot premiums and discounts in Shandong rebounded from low levels. As of Thursday, the average spot discount in Shandong was reported at 185 yuan/mt. Transactions this week were mainly driven by rigid demand, with copper prices showing a positive correlation with downstream buying interest. Towards the end of the week, the significant surge in copper cathode futures prices noticeably suppressed procurement demand from processing enterprises. Meanwhile, copper cathode suppliers remained optimistic about the market outlook and faced no pressure to sell, showing low willingness to lower premiums and discounts. Overall, prices remained relatively firm. Looking ahead, after the contract rollover, demand is expected to remain constrained under the influence of high copper prices, and significant resistance is anticipated for spot premiums and discounts.
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