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Refined Copper Rod: The weekly operating rate (3.21-3.27) of major domestic refined copper rod enterprises continued to drop unexpectedly to 64.06%, down 5.87 percentage points MoM, 4.68 percentage points lower than the expected value, and also down 2.92 percentage points YoY. This week, under the impact of the rapid surge in copper prices, orders continued to face pressure with a MoM decrease, and consumption was weaker compared to the same period in previous years. The operating rate declined MoM, compared to the expected value, and YoY. Downstream consumption only saw a significant release when copper prices fell below 81,500 yuan/mt and broke through the 81,000 yuan/mt support level at the end of the week. At the beginning of the week, consumption remained rigid, and a large number of spot cargo pick-ups were postponed. Many refined copper rod enterprises arranged for production cuts and maintenance. In terms of specific inventory, as the operating rate of refined copper rod enterprises declined, both raw material and finished product inventories decreased. This week, the raw material inventory of refined copper rod enterprises decreased by 1.22% MoM, recording 40,550 mt, while the finished product inventory decreased by 0.86% MoM, recording 69,500 mt. Looking ahead, with the copper price correction at the end of the week, downstream new orders showed significant growth. With the reduction in finished product inventory and a relatively optimistic expectation for next week, the weekly operating rate of refined copper rod enterprises is expected to recover, increasing to 71.35% MoM, with the YoY decline narrowing to 0.32 percentage points.
