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Policy Shock: Secondary Copper Rod Plants Suspend Production and Adopt Wait-and-See Approach
Sep 06, 2025 21:42
The operating rate of secondary copper rod was 28.33% in August, higher than the expected 27.43%, down 2.57% MoM but up 3.62% YoY. The core challenge facing the secondary copper rod market in August stemmed from policy expectation uncertainties.
Operating Rate in the Enamelled Wire Industry Continued to Decline in August, Limited Rebound Expected in September Amid Lack of Recovery Signs
According to SMM, the comprehensive operating rate of the enamelled wire industry in August was 66.55%, down 0.7 percentage points MoM and 1.13 percentage points YoY. By enterprise size, the operating rates were 64.39% for large enterprises, 70.89% for medium-sized enterprises, and 68.94% for small enterprises.
Sep 5, 2025 10:12
Teck's Production Expansion Delay and Weak U.S. Employment Data Weighed on LME Copper, Which Pulled Back Under Pressure Overnight [SMM Copper Morning Meeting Summary]
SMM Morning Meeting Summary: Overnight, LME copper opened at $9,910/mt, fluctuated downward initially to touch a low of $9,875/mt, then the center of copper prices gradually moved upward to reach a high of $9,932.5/mt, before fluctuating downward again to close at $9,891.5/mt, down 0.83%, with trading volume at 14,000 lots and open interest at 286,000 lots. Overnight, the most-traded SHFE copper 2510 contract opened at 79,680 yuan/mt, fluctuated upward initially to touch a high of 79,880 yuan/mt, then fluctuated considerably with the center of copper prices gradually moving downward to touch a low of 79,620 yuan/mt, before finally closing at 79,650 yuan/mt, down 0.41%, with trading volume at 17,000 lots and open interest at 182,000 lots.
Sep 5, 2025 08:58
The upward trend in smelting acid prices has persisted for over half a year, with further room for growth expected in the fourth quarter. [SMM Analysis]
[SMM Analysis:The upward trend in smelting acid prices has persisted for over half a year, with further room for growth expected in the fourth quarter.] Will the upward trend continue into the fourth quarter? The answer is yes. On the supply side, ten smelters are scheduled for maintenance in the fourth quarter, affecting 2.7 million tons of crude smelting capacity, which will significantly limit smelting acid supply. Additionally, recent shutdowns of small acid plants in southwestern China have tightened acid sources.On the demand side, winter fertilizer preparation needs will gradually emerge in the fourth quarter, stimulating demand for smelting acid. Moreover, recent renewed increases in sulfur prices have bolstered demand for smelting acid as a substitute for sulfur-based acid. Finally, at the end of August, the EU revoked the carcinogenic label for titanium dioxide, which is expected to benefit China's titanium dioxide export demand.
Sep 4, 2025 16:44
![The upward trend in smelting acid prices has persisted for over half a year, with further room for growth expected in the fourth quarter. [SMM Analysis]](https://imgqn.smm.cn/production/admin/news/cn/thumb/cWPFD20180621153942.png?imageView2/1/w/176/h/110/q/100)
India Lodges WTO Complaint Over US 50% Copper Tariff, LME Copper Fluctuated and Pulled Back Overnight [SMM Copper Morning Meeting Summary]
SMM Morning Meeting Summary: Overnight, LME copper opened at $9,986.5/mt, fluctuated downward initially to touch a low of $9,934/mt, then rose continuously to reach a high of $10,006.5/mt during the session, and finally closed at $9,974/mt, down 0.39%, with trading volume at 21,000 lots and open interest at 281,000 lots. Overnight, the most-traded SHFE copper 2510 contract opened and touched a low of 80,000 yuan/mt, then the center of copper prices gradually moved upward to reach a high of 80,430 yuan/mt, jumped initially and then pulled back, and finally closed at 80,260 yuan/mt, up 0.1%, with trading volume at 26,000 lots and open interest at 191,000 lots.
Sep 4, 2025 08:58
SMM Morning Comment For SHFE Base Metals (September 3)
Futures: LME copper opened at $9,873.5/mt overnight, initially touched a low of $9,851/mt at the beginning of the session, then rose all the way and touched a high of $10,015/mt near the end of the session, finally closed at $10,013.5/mt, up 1.4%, with trading volume reaching 26,000 lots and open interest reaching 277,000 lots.
Sep 3, 2025 09:45
Canada Mine Expansion Approved, Overnight Copper Prices Closed Higher [SMM Copper Morning Meeting Summary]
SMM Morning Meeting Summary: LME copper opened at $9,873.5/mt overnight, initially dipped to $9,851/mt at the start of the session, then rose continuously to touch a high of $10,015/mt near the close, finally settling at $10,013.5/mt with a 1.4% gain. Trading volume reached 26,000 lots, and open interest stood at 277,000 lots. The most-traded SHFE copper 2510 contract opened at 79,500 yuan/mt overnight, initially dropped to 79,470 yuan/mt at the start of the session, then saw its price center gradually move upward to touch a high of 80,440 yuan/mt near the close, finally settling at 80,410 yuan/mt with a 0.79% gain. Trading volume reached 38,000 lots, and open interest stood at 186,000 lots.
Sep 3, 2025 08:58
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