Venezuela Approves Law to Open Mining Sector to Private and Foreign Investment

【SMM Copper Cathode Rod News Flash】Inventory side, copper prices rebounded coupled with production adjustments, copper cathode rod enterprises were cautious in raw material procurement, and raw material inventories pulled back somewhat; although downstream cargo pick-up saw some improvement, consumption failed to keep pace with production increases, and finished product inventories saw some inventory buildup. SMM expected enterprises to slow down production, with operating rates down 4.4 percentage points WoW.

【SMM Copper Cathode Rod News Flash】The operating rate of copper cathode rod producers pulled back slightly by 3.61 percentage points WoW to 79.98% this week. The rebound in copper prices led to weakened downstream purchasing, and new orders were mediocre. Enterprises relied on earlier orders for production, but as new order follow-up fell short of expectations, production schedules were cut, and the operating rate pulled back slightly.