The average operating rate of key copper rod producers using copper cathode was around 75.66% last week, a surge of 10.05 percentage points from a week earlier. According to the survey, orders of copper rod industry were not strong at the beginning of the week. But with the sharp drop in copper prices at the end of the week, downstream buying interest was boosted, boosting orders in the cable and enamelled wire industries significantly.
Copper rod companies thus accelerated production, helping operating rates pick up quickly. However, market pessimism in the midst of the continuously falling copper prices resulted in a strong fear of further price declines across the downstream industries.
Existing orders at downstream producers were tepid. Some copper rod plants said that the growth in orders last Friday had slowed compared with last Thursday. The market is still relatively pessimistic about the continuity of consumption.
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