【Copper Prices Fluctuate Amid Tariff Disruptions, with Copper Billet Producers Showing Resilience Amid Diverging Operating Rates in April】SMM data indicates that in April 2025, the operating rates of copper billet producers stood at 54.97%, up 0.58% MoM. There was a significant divergence in operating rates by enterprise size, with large, medium, and small enterprises recording operating rates of 58.19%, 54.45%, and 36.38%, respectively. During the month, tariffs triggered a decline followed by a rebound in copper prices. The downstream market's "rush to buy amid continuous price rise and hold back amid price downturn" mindset led to a contraction followed by an expansion in orders, which ultimately weakened again due to copper prices fluctuating at highs. In terms of inventory, days of raw material inventories increased to 7.48 days, while finished product inventories decreased to 8.95 days. Despite the decline in orders, the market maintained an overall balance comparable to that in March amid dynamic adjustments in supply and demand.