Shanghai-bonded copper stocks extend gains by 9,500 mt

[SMM Copper Wire and Cable Operating Rate] The operating rate of SMM copper wire and cable enterprises was 70.77% this week, up 0.24 percentage points MoM. Overall operating performance was stable, while market performance was relatively mediocre. During the week, the pullback in copper prices suppressed the release of new orders, but enterprises had ample orders on hand and pending delivery, supporting basically stable production. New orders across downstream segments were generally weak, with demand in the home decoration sector particularly mediocre due to rising plastic raw material prices.

[SMM Copper Flash News] Inventory at wire and cable enterprises this week: earlier pullbacks in copper prices drove concentrated restocking by enterprises, and raw material inventory mainly went toward consuming stockpiled materials this week, so raw material inventory fell 2.7% MoM. As for finished product inventories, the pullback in copper prices restrained downstream cargo pick-up, so finished product inventories edged down 2.65% MoM.