【Copper Prices Fluctuate Amid Tariff Disruptions, While Copper Billet Producers' Operating Rates Show Resilience Amid Divergence 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 enterprise sizes, with operating rates of large, medium, and small enterprises at 58.19%, 54.45%, and 36.38%, respectively. In that month, tariffs triggered a decline followed by a rise in copper prices. The downstream "rush to buy amid continuous price rise and hold back amid price downturn" mentality 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 days of 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.