Shandong Copper Cathode Premiums Retreat as Holiday Approaches

This week marked the final three trading days before China's national holiday, and copper cathode premiums in Shandong retreated from highs above 1,000 yuan. The Thursday average price reported was 700 yuan/mt.

The market experienced sluggish trading this week due to most downstream pre-holiday stockpiling having been completed last week. Spot supply remained tight, with cargoes continuing to flow out of the province, keeping spot prices firm.

Looking ahead to the post-holiday period, smelters are expected to release shipments, putting upward pressure on spot premiums. However, domestic social inventory remains at low levels, and demand in the traditional peak season is expected to gradually recover.