The operating rate of copper wire and cable has continued to rebound, and market demand is still recovering [SMM Wire and Cable Market Weekly Review].

        This week (4.18-4.24), the operating rate of SMM copper wire and cable enterprises was 91.23%, up 3.53 percentage points MoM and 16.47 percentage points YoY, only 0.77 percentage points lower than the expected operating rate. This week, production at wire and cable enterprises continued to recover, and the operating rate has achieved a continuous rebound. In terms of new order increments, some enterprises told SMM that during the rise in copper prices this week, the market sentiment of "rush to buy amid continuous price rise" briefly appeared. However, when copper prices rose to 77,000 yuan/mt, market purchasing sentiment was suppressed again, and the growth of new orders was relatively weak. By industry, current orders from the two grids are relatively optimistic, becoming the main driver of current order growth. New energy power generation orders are also relatively good, and communication orders have recently increased, while growth in civil real estate, urban infrastructure, and rail transit projects is slow. According to SMM, most enterprises still have sufficient orders on hand to support production growth. Therefore, SMM expects the operating rate of copper wire and cable enterprises to increase by 2.57 percentage points to 93.81% next week.