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Copper Cathode Rod: The weekly (2.7-2.13) operating rate of major domestic copper cathode rod enterprises increased as expected to 62.10%, up 44.36 percentage points WoW, but 0.53 percentage points lower than the forecast. Based on the lunar calendar, the operating rate still declined 4.1 percentage points YoY. After the holiday, the resumption of operations by copper cathode rod enterprises drove the operating rate to rebound as expected. Although currently in a destocking cycle, since the post-holiday resumption, copper cathode rod enterprises have generally reported that downstream cargo pick-up has remained slow. This week saw only a slight recovery compared to last week, still below normal consumption levels. The root cause can be traced to the surge in copper prices. Copper prices have continued to rise after the holiday, with no improvement in end-use consumption, and downstream enterprises' resumption of operations has also fallen short of expectations. New orders remain weak, and downstream restocking willingness is relatively low due to the pressure of high copper prices. From an inventory perspective, with the post-holiday resumption of operations and the arrival of some imported copper cargoes and long-term contracts, the raw material inventory of major domestic copper cathode rod plants increased 43.41% WoW to 48,400 mt. Meanwhile, finished product inventories at copper cathode rod plants gradually decreased, down 17.12% WoW to 63,400 mt. Looking ahead, the operating rate of copper cathode rod enterprises is expected to continue recovering, excluding the impact of the holiday, and is forecast to rise to 73.24% in the next week (2.14-2.20), still down 1.1 percentage points YoY.
