[SMM Weekly Operating Rate of Copper Wire and Cable] This week (May 2-8), the operating rate of SMM copper wire and cable enterprises was 83.49%, down 5.96 percentage points WoW, up 0.65 percentage points YoY, and down 3.97 percentage points from the expected operating rate. According to SMM, new orders from enterprises this week weakened significantly WoW. The rise in copper prices after the holiday was the main factor inhibiting downstream enterprises from placing orders, and wait-and-see sentiment among end-users resurfaced. In particular, some customers had stockpiled in advance before the holiday, so downstream customers focused on digesting inventories this week, and order volumes decreased significantly WoW. Currently, enterprise production mainly relies on previous orders on hand, and production can still be maintained at a relatively high level in the short term. Next week, as downstream customers' inventories are gradually digested, if copper prices do not rise unexpectedly, SMM believes that the operating rate of copper wire and cable enterprises will increase by 2.76 percentage points WoW next week (May 9-15), up 6.43 percentage points YoY.