According to SMM, the operating rate of copper cathode rod enterprises was 71.2% in April, down 3.86 percentage points MoM, 3.86 percentage points below expectations, and down 2.65 percentage points YoY. Among them, the operating rate of large enterprises was 82.69%, medium-sized enterprises 53.11%, and small enterprises 64.84%. 
In April, the operating rate of copper cathode rod enterprises was 71.2%, down 3.86 percentage points MoM and 2.65 percentage points YoY (the operating rate in April last year was 73.85%).
Overall, the copper cathode rod market performed weaker in April than in March. As the copper price center gradually rose during the month, downstream procurement became more cautious, and the release of new demand was constrained. Production at copper cathode rod enterprises this month mainly relied on previously accumulated orders on hand, with the delivery of existing orders providing some support for operating rates. Meanwhile, the operating rate of secondary copper rod remained at an extremely low level, and substitution demand for copper cathode rod increased accordingly, enabling new orders for copper cathode rod to maintain a degree of stability and resilience even against the backdrop of rising copper prices. By downstream sector, affected by the rebound in copper prices, operating rates of cable and enamelled wire enterprises also declined to varying degrees.
In April, the days of raw material inventories for copper cathode rod enterprises were 1.85 days, and the days of finished product inventories were 3.46 days.
After copper prices rebounded, copper cathode rod enterprises became more cautious in procurement, only maintaining purchase as needed, with days of raw material inventories up 0.06 days MoM. Meanwhile, orders from downstream cable and enamelled wire enterprises showed mediocre performance, with demand continuing to weaken. The pace of cargo pick-up slowed down compared to the previous period, driving the days of finished product inventories up 0.32 days MoM.
The Operating Rate of Copper Cathode Rod Enterprises Is Expected to Be 67.42% in May
Looking ahead to May, the operating rate of copper cathode rod is expected to decline 3.77 percentage points MoM to 67.42%, down 2.84 percentage points YoY. Affected by the dual impact of continuously rising copper prices and the approaching traditional consumption off-season, downstream enterprises have significantly slowed down their procurement pace, with insufficient momentum in new orders. Meanwhile, enterprises have become more cautious in their expectations for future orders, with wait-and-see sentiment notably intensifying, further suppressing production enthusiasm and driving the overall operating rate to continue weakening.
