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

The three major copper scrap consumption markets in Asia are showing split performance: China’s post-holiday demand recovery has pushed the bright copper pricing up from 97% to 97.5%, whereas Japan’s coefficient remains stable at 97.4% due to sluggish procurement and JPY-driven caution in USD settlements. Meanwhile, South Korea has seen a correction from 97.8% to 97%, weighed down by high local inventory levels.

【SMM Copper Cathode Rod Flash】After copper prices pulled back, enterprises showed a relatively strong willingness to restock raw materials, but the restocking pace lagged production consumption, and raw material inventory pulled back MoM; downstream pick-up of goods accelerated, and enterprise production struggled to match delivery demand, accelerating the drawdown of finished product inventories, with inventory also down MoM.

【SMM Copper Cathode Rod Flash】Domestic copper cathode rod enterprises basically fully resumed operations, with this week’s operating rate at 62.47%, a sharp rebound WoW. After copper prices pulled back, as substitution by secondary copper rod weakened and downstream cable and enamelled wire sectors conducted concentrated restocking, orders increased significantly and inventory drawdowns accelerated. The operating rate was expected to further rise to 70.46% next week.