SMM Copper Express : Les modes de commerce extérieur de la cathode de cuivre en novembre 2025 affichent des tendances mitigées

[SMM Brass Billet Flash] According to SMM, the current tight supply of secondary brass remains unchanged, raw material prices stabilize at highs, and processing profit margins continue to be squeezed. This week, days of raw material inventories at sampled enterprises stood at 3.52 days, remaining low. However, downstream buyers mainly made just-in-time procurement, with weak willingness to restock proactively, and finished product inventory destocking was hindered once again. This week, days of finished product inventories at sampled enterprises stood at 5.11 days.

[SMM Flash Billette de laiton] Pour la semaine prochaine (9.4-9.10), les prix du cuivre devraient se consolider à des niveaux élevés à court terme, mais les commandes de demande rigide en aval devraient connaître une légère libération après la digestion progressive des cargaisons à bas prix. SMM prévoit un léger rebond du taux d'exploitation à 49,06 %, en hausse de 0,57 point de pourcentage en glissement mensuel.

[SMM Brass Rod Flash] This week (8.28-9.3), the operating rate of SMM brass rod sample enterprises was 48.49%, down 0.06 percentage points WoW. Copper prices continued to consolidate at highs, end-user wait-and-see sentiment remained strong, downstream orders lacked momentum, and the operating rate continued to edge down.