[SMM Commentary: SHFE and LME Copper Surge to a New Stage High in the First Week After the Holiday—Can Domestic Macro Tailwinds Continue to Support Copper Prices?] After the holiday, concerns over the potential global trade conflicts triggered by US tariff policies have eased. Although external macro uncertainties remain, multiple domestic and international institutions, influenced by Deepseek, have turned bullish on Chinese assets. Additionally, market expectations for favourable domestic macro policies have boosted confidence in long positions. Coupled with the continued deterioration in the spot market for copper concentrates during the week, copper prices saw a significant rise despite a substantial inventory buildup in domestic copper inventories.

[The Indonesian Ministry of Trade Supports the Plan to Extend Freeport's Copper Concentrates Export Permit] According to Webstock Inc., citing foreign media on February 7, Indonesian Deputy Minister of Trade Dyah Roro Esti stated on Friday that after conducting a cost-benefit analysis, the Indonesian Ministry of Trade is expected to support Freeport Indonesia in continuing its copper concentrates exports.

[SMM Analysis: Post-Holiday Tightness in Copper Anode Market Expected to Ease, Domestic Processing Fees Likely to Rebound in February] In January 2025, SMM reported that blister copper RCs in south China were quoted at 700-900 yuan/mt, with an average of 800 yuan/mt, down 50 yuan/mt MoM; blister copper RCs in north China were quoted at 700-900 yuan/mt, with an average of 800 yuan/mt, down 100 yuan/mt MoM...

[Enamelled Wire Industry Resumption Progress Bar: 50.4% Loaded] According to SMM, most enamelled wire companies resumed operations on February 5 (the eighth day of the Lunar New Year) this year. However, due to the time required to restore production and the incomplete return of personnel, the resumption pace of enamelled wire companies was relatively slow this week. As of this Friday, the average machine operating rate of 15 enamelled wire companies had recovered to 50.4%.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 7 Feb, 2025

[SMM BC Copper Commentary: Optimistic Sentiment in the Futures Market as BC Copper Most-Traded Contract Continues to Strengthen] SMM, February 7: Today, the most-traded BC copper 2503 futures contract opened at 67,650 yuan/mt, closed with a bullish candlestick during the day, with the Bollinger upper band crossing the candlestick body and the lower shadow piercing the 5-day moving average...

[SMM Analysis: Copper Wire and Cable Enterprises Resume Work Orderly After the Holiday, Industry Gradually Returns to Normal] This week (1.31-2.6), the operating rate of SMM copper wire and cable enterprises was 27.36%, down by 15.48 percentage points compared to the last week before the Chinese New Year and 23.3 percentage points lower than the first week after the Chinese New Year in 2024 (due to differences in the number of working days). According to SMM, most enterprises in the industry this year are expected to...

[SMM Analysis: Secondary Copper Rod Enterprises Set to Resume Production, Operating Rates Expected to Rise Significantly] According to SMM survey data, the operating rate of secondary copper rod enterprises this week was 3.31%, up 3.31 percentage points WoW but down 1.06 percentage points YoY. This week, the average price spread of refined and secondary copper rods was 1,064 yuan/mt, down 155 yuan/mt WoW. Additionally, the average discount of secondary copper rods in Jiangxi reached 680 yuan/mt, expanding by 124 yuan/mt WoW...