Off-Season Combined With High Copper Prices, Operating Rates Pulled Back WoW This Week [SMM Wire and Cable Market Weekly Review]

Published: Jul 10, 2026 14:36

Save

This week (July 3–July 9), the SMM operating rate of copper wire and cable enterprises was recorded at 70.85%, down 0.95 percentage points WoW and down 0.67 percentage points YoY. Copper prices consolidated at highs during the week, with elevated raw material costs suppressing downstream purchasing sentiment, leaving overall industry orders sluggish. The sector is currently in the traditional consumption off-season, with end-use demand weak across all categories and the pace of power grid project order releases slowing in tandem. Only orders tied to emerging sectors outside China, such as AI computing and new energy, showed resilience. In terms of inventory, persistently high copper prices led wire and cable enterprises to adopt a more conservative approach to stockpiling, focusing mainly on small-volume purchases to meet rigid demand; raw material inventories fell 2.19% MoM. The combination of off-season demand weakness and elevated copper prices slowed downstream cargo pick-up, pushing finished product inventories up 1.18% MoM. Looking ahead to next week, the dual pressure of the traditional off-season and high copper prices is expected to continue weighing on end-user ordering willingness. SMM forecasts that the copper wire and cable operating rate for the upcoming week (July 10–July 16) will decline by another 1.36 percentage points MoM to 69.49%, and fall 3.41 percentage points YoY.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

10 mins ago

Data: SHFE, DCE market movement (Jul 10)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 10 Jul , 2026

10 mins ago

25 mins ago

Spot TCs drop below the -$130 mark, and the spread between smelters' psychological price levels and offer prices continues to widen [SMM Copper Concentrate Spot Weekly Review]

25 mins ago

1 hour ago

Pre-Delivery Futures Spreads Fully Shift Into Backwardation, Shanghai Spot Copper Premiums Hit Year’s High [SMM Shanghai Spot Copper]

[SMM Shanghai spot copper] Looking ahead to next week, the inter-month spread has fully shifted to a backwardation structure, with the backwardation widening to 20-90 yuan/mt. Suppliers are showing strong sentiment to hold back from selling, while social inventory continues to destock rapidly, leaving the pattern of tight available spot cargo unchanged. Overall, under the combined support of the backwardation structure, inventory destocking, and supplier reluctance to sell, Shanghai spot copper prices against the 2607 contract are expected to remain at a premium next week, with the overall strength persisting. Attention should be paid to changes in market structure around delivery and the pace of downstream restocking.

1 hour ago