Shanghai-bonded copper stocks extend gains to 557,000 mt

With air-conditioner production schedules improving, SMM’s survey of 13 copper tube producers shows shorter National Day breaks, averaging 3.3 days—0.6 days fewer than last year. Four East China producers will operate throughout the holiday. October operating rates are expected to stabilize MoM, with a much narrower YoY decline. However, orders remain weak, leaving the strength of “Silver October” uncertain.