Copper Cathode Rod Production Resumes; Operating Rate to Decline 0.35% MoM Next Week

[SMM Shanghai Spot Copper] Looking ahead to next week, as a new round of procurement cycle begins at the start of the month, restocking demand from some downstream buyers and traders may be released, providing some support for spot premiums. After low-priced cargoes were gradually traded during the day, suppliers' willingness to hold prices firm increased notably. Quotes for standard-quality copper with invoices dated next month were basically maintained at a premium of 200 yuan/mt or higher, with limited willingness to sell at much lower prices. However, with copper prices still at elevated levels, the actual growth in downstream purchases remains to be seen, and the gradual arrivals of imported copper may also supplement spot supply. Overall, supported by the release of procurement demand at the start of the month and suppliers' efforts to hold prices firm, Shanghai spot copper prices against the 2608 contract are expected to remain at a premium next week. The overall center may stop falling and rebound, while attention needs to be paid to the volume of imported arrivals and their actual impact on supplementing market supply.

China sulphuric acid market continues weak, regional declines widen, index falls [SMM Sulphuric Acid Weekly Review]