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This week (12.20-12.26), the operating rate of SMM copper wire and cable enterprises was 82.32%, down 4.42 percentage points MoM, only 0.46 percentage points higher YoY, and 0.16 percentage points higher than the expected operating rate. This week, new orders and production of copper wire and cable enterprises declined as expected, with downstream demand showing seasonal weakening. Most enterprises shifted their focus to fund recovery. Although some enterprises were still rushing to complete orders with a rebound in copper consumption, they indicated that these orders were mainly accumulated previously, and copper consumption would decrease after delivery. From the perspective of order types, medium- and low-voltage orders weakened significantly, while high-voltage orders still had demand. According to SMM, terminal demand is unlikely to improve next week, with growth expected only after the New Year. Therefore, SMM forecasts that the operating rate of copper wire and cable enterprises will continue to decline by 4.78 percentage points MoM next week (12.27-1.2), falling to 77.53%.
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