》Check SMM Copper Prices, Data, and Market Analysis
》Subscribe to View SMM Historical Spot Metal Prices
Copper Cathode Rod: The weekly (3.7-3.13) operating rate of major domestic copper cathode rod enterprises rose to 75.14%, up 2.01 percentage points MoM but 1.36 percentage points lower than the expected value. On 3.11, copper prices hit a short-term low, leading to a significant increase in downstream copper rod orders priced on that day. However, from a weekly average perspective, the average volume of new orders remained low, clearly constrained by the rebound in copper prices. The single-day increase in pricing orders did not significantly drive destocking, as downstream goods pick-up was mainly based on previous low-price orders. End-use consumption showed no significant recovery, with only South China demonstrating good consumption performance driven by orders in new energy and home appliances. From an inventory perspective, as premiums and discounts rose, raw material inventories of copper cathode rod enterprises continued to decline this week, down 10.50% MoM to 41,750 mt. Finished product inventories slightly decreased by 1.90% under enterprise control, recording 62,100 mt. Looking ahead, as copper prices rebound again, some enterprises have already cut production at the end of the week due to inventory buildup pressure. There is a risk of further inventory buildup pressure within the month. The operating rate of copper cathode rod enterprises is expected to decline by 2.90 percentage points MoM next week (3.14-3.20).
