Glencore Backs $1.4B Bid for 40% Stake in Eurasian Resources Group

[SMM Copper Flash] This week, the operating rate at major domestic wire and cable enterprises increased by 33.17 percentage points MoM to 60.90%. This was mainly because earlier power grid orders gradually entered the concentrated delivery date, prompting enterprises to speed up production and stockpiling. In addition, after the Lantern Festival, as end-users gradually resumed work, engineering and market orders were gradually released, providing some support for orders. SMM expected that next week the operating rate of wire and cable enterprises would further increase by 5.21 percentage points MoM to 66.1%.

The Fourth Session of the 14th National People’s Congress opened at the Great Hall of the People, where Premier Li Qiang of the State Council delivered the government work report, with multiple details adjusted. The economic growth target became more pragmatic, lowered from “around 5” to 4.5–5.0. In terms of incremental funding, the deficit-to-GDP ratio for 2026 was 4, with a deficit 규모 of 5.89 trillion yuan, an increase of 230 billion yuan YoY.

[SMM Copper Flash] This week, raw material inventory at major domestic wire and cable enterprises rose 7.01% MoM, mainly because enterprises replenished after copper prices pulled back during the week, coupled with stockpiling for subsequent operations, which lifted raw material inventory. Finished product inventories fell 5.7% MoM, mainly because power grid orders gradually entered the concentrated delivery stage, accelerating destocking of finished product inventories.