Rapport LME : La proportion de cuivre d'origine chinoise dans les stocks baisse en décembre 2025

[SMM Copper Anode Flash] SMM expects the overall operating rate of China copper anode enterprises to rebound 1.30 percentage points MoM to 44.11% in September 2026. Among them, primary copper anode enterprises are expected to see their operating rate fall 7.19 percentage points MoM to 57.88% due to maintenance at some enterprises and refining capacity ramp-up; secondary copper anode enterprises are expected to see their operating rate rebound 4.76 percentage points MoM to 38.48%. (Non-captive copper anode only)

[SMM Copper Anode Flash] In August 2026, the operating rate of SMM China copper anode enterprises was 42.81%, down 1.85 percentage points MoM. By raw material, the operating rate of primary copper anode enterprises rose 1.54 percentage points MoM to 65.07%; the operating rate of secondary copper anode enterprises fell 3.23 percentage points MoM to 33.72% due to tight supply of tax-inclusive copper scrap. (Non-captive copper anode only)

[SMM Flash anode de cuivre] En raison d'une offre toujours restreinte d'anodes de cuivre recyclées en Chine, le nombre de jours de stock d'anodes de cuivre des fonderies chinoises SMM s'établissait à 6,13 jours en août 2026, en baisse de 0,16 jour en glissement mensuel, marquant huit mois consécutifs de baisse depuis janvier 2026.