Hari Perdagangan Terakhir Sebelum Libur, Transaksi Pasar Lesu [Ulasan Harian Tembaga Sekunder SMM]

Nord Holding's wholly-owned subsidiary Baijiada signed a 2026-2028 copper foil supply framework agreement with CALB, with a total supply of 373,000 mt over three years. Based on the current mainstream tax-inclusive average price, the total contract value is close to 40 billion yuan. By year, the volumes are 58,000 mt in 2026 (41% of the company's current annual capacity of 140,000 mt), 130,000 mt in 2027 (93%), and 185,000 mt in 2028 (132%), with order scale increasing year by year and significantly exceeding the company's existing capacity in the later period. Nord Holding has planned to expand its total global capacity to 300,000 mt/year by 2030, covering both lithium battery copper foil and high-end electronic circuit copper foil. This order reflects the rapid growth in demand for high-end copper foil in the aerospace sector, especially the incremental market for high-grade copper foil for AI servers and copper foil for new energy aircraft. The company needs to meet delivery through capacity expansion and technological transformation, otherwise it will face a significant performance gap.

[SMM Analisis: Penimbunan Hampir Terhenti, "Libur Paksa" di Tengah Tekanan Tagihan dan Modal] Menurut data SMM, tingkat operasi produsen batang tembaga sekunder berada di 9,35% minggu ini, turun 2,64 poin persentase WoW dan turun 9,21 poin persentase YoY. Sementara itu, selisih harga rata-rata antara batang katoda tembaga dan batang tembaga sekunder adalah 1.933 yuan/mt, turun 181 yuan/mt MoM. Selain itu, diskon rata-rata batang tembaga sekunder di Jiangxi terhadap futures tembaga adalah 443 yuan/mt, turun 157 yuan/mt MoM. Berdasarkan model laba kotor penjualan batang tembaga sekunder SMM, laba kotor rata-rata minggu ini adalah 1.001 yuan/mt, naik 90 yuan/mt MoM.