According to SMM data, the operating rate of copper pipe & tube enterprises was 63.82% in November, up 1.45 percentage points MoM but down 17.86 percentage points YoY.

he operating rate for secondary copper rod in November was 23.84%, higher than the expected 27.68%, down 2.62% MoM and down 12.46% YoY.

SMM's monthly metal production data is released at the end of each month, aiming to uncover the true fundamentals and help industry chain participants and investors gain a clearer grasp of the future direction of the non-ferrous metal market.

[SMM Analysis:Split in 2026 Domestic and International Copper Cathode Long-Term Contract Negotiations: Can China's Copper Cathode Export Volume Continue Its Success?] From mid-November, the battle over long-term contracts in the copper cathode foreign trade market began. Against the expectation that the US will continue to impose cumulative tariffs on copper cathode next year, major traditional smelting and exporting enterprises have significantly increased their premium quotes for registered brand products (conforming to COMEX delivery standards) to downstream processors or traders in different regions compared to the 2025 premiums. According to SMM, Codelco's long-term contract offer to China is $350 CIF, while its offers to South Korea and Taiwan, China are $330 CIF, and to Europe is $325 CIF. Aurubis's offer to Europe is $315 CIF. Mainland Chinese smelters' offers to Taiwan, China are $150 CIF. Although the long-term contract offers for EQ copper CIF Mainland China are somewhat chaotic, they have still increased significantly compared to this year.

This week, the secondary copper market overall exhibited characteristics of "mild price increases and persistently sluggish transactions." Copper cathode futures prices fluctuated upward, driving a slight follow-up increase in the prices of recycled copper raw materials, with the price of bare bright copper in Guangdong accumulating an increase of about 300 yuan/mt during the week. However, the market trading atmosphere did not improve alongside the price recovery. Purchase willingness among secondary copper rod enterprises remained low, and the coexistence of accumulating finished product inventories and loose raw material supply reflected the current pattern of weak supply and demand.

China's copper cathode output in November rose by 11,500 mt, up 1.05% MoM and 9.75% YoY. The cumulative output from January to November increased by 1.2894 million mt, up 11.76% YoY.