Copper Cathode Rod Producers' Operating Rates Up 4.08% WoW, Down 3.88% YoY Amid Pre-Holiday Stockpiling

[SMM Copper Cathode Rod Flash] High copper prices and high premiums kept downstream buyers on the sidelines, with new orders pulling back notably. Only end-users in wire and cable and enamelled wire saw operating rates rebound, driven by stockpiling. Inventories: Tight spot copper cathode supply combined with pre-holiday restocking pushed raw material inventories up MoM. Downstream cargo pick-up slowed, leading to a passive increase in finished product inventories MoM.

[SMM Copper Cathode Rod Flash] High copper prices and the dual pressure of the Mid-Autumn Festival and National Day holidays led enterprises to take holidays and cut production one after another. SMM expects the operating rate to pull back 10.77 percentage points WoW next week.

Gunnison Copper announced that its Johnson Camp Mine in Arizona achieved commercial production in September 2026, following record monthly copper cathode production in August and sustained operations above the company's required operating threshold during the first half of September.​ Johnson Camp produced 1.30 million lb, or approximately 592 mt, of copper cathode in August, marking its highest monthly production since operations restarted. The mine subsequently produced another 894,767 lb, or approximately 406 mt, of copper cathode between September 1 and September 17.​ Gunnison said the sustained operating performance in September supported its determination that Johnson Camp had reached commercial production. The operation is continuing to ramp up toward its nameplate production capacity of up to 25 million lb/year, equivalent to approximately 11,340 mt/year, of copper cathode.​ Johnson Camp produces 99.999% pure copper cathode directly from ore mined in Arizona, with copper processed into finished cathode at the site without requiring external smelting and refining. The operation is fully funded by Nuton LLC, a Rio Tinto venture.​ The achievement of commercial production follows the restart and subsequent ramp-up of Johnson Camp, while Gunnison continues to advance its larger flagship Gunnison Copper Project in Arizona.​ The achievement of commercial production at Johnson Camp marks a further step in the ramp-up of US domestic copper supply. August production reached a record level since the restart, while sustained output through the first half of September supported the company's declaration of commercial production. Attention will now turn to the pace of the remaining ramp-up toward the mine's nameplate copper cathode capacity of approximately 11,340 mt/year.