Inventory continues to decline, spot premiums keep rising [SMM SHFE Copper Spot]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SMM recorded social inventory of 42,700 mt in Shanghai, down 5,400 mt MoM, and 15,200 mt in Jiangsu, down 4,300 mt MoM. Inventory continued to destock and available supply remained tight, jointly driving spot premiums higher. On the demand side, high copper prices and high premiums suppressed downstream demand, with purchases mainly just-in-time procurement. Coupled with weakening consumption at month-end, both supply and demand were subdued. Spot premiums are expected to stay high tomorrow.