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This week, the center of spot premiums and discounts in North China rose. As of Thursday, spot premiums and discounts stood at a discount of 150–110 yuan/mt, with an average discount of 130 yuan/mt. As the contract rollover delivery date approaches, coinciding with the period of long-term contract negotiations in the North China region, suppliers showed a firm sentiment to stand firm on quotes during the week, driving spot premiums and discounts to rise steadily. However, from the demand side, consumption only improved at the beginning of the week when copper prices pulled back. Subsequently, as copper prices surged continuously, downstream buying interest was significantly suppressed. Looking ahead, if copper prices remain high, demand is expected to weaken. However, upstream sentiment to stand firm on quotes is unlikely to diminish, leading to potential disagreements between buyers and sellers. Therefore, copper prices will play a key role in determining market transaction activity.
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