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The weekly (12.27-1.2) operating rate of major domestic copper cathode rod enterprises unexpectedly dropped to 66.43%, down 8.49 percentage points MoM, 2.03 percentage points below the expected value, with the YoY increase narrowing to 3.16 percentage points. This week, spanning 2024-2025, most enterprises focused on year-end cash recovery and arranged maintenance, resulting in varying degrees of production cuts and shutdowns. During this period, downstream enterprises also slowed their ordering and picking up goods, leading to an unexpected MoM decline in operating rates.
From the inventory perspective, with operating rates declining for the third consecutive week, the raw material inventory of major domestic copper cathode rod plants decreased by 5.94% MoM to 36,450 mt this week, while finished product inventories fell by 5.19% MoM to 53,000 mt.
Looking ahead, after the New Year and the start of 2025, most copper cathode rod enterprises are expected to complete maintenance. Supported by current orders on hand, the operating rate of copper cathode rods is expected to rebound to 76.65% next week (1.3-1.9), up 2.91 percentage points YoY. 
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