SMM data: The weekly operating rate of major domestic copper cathode rod enterprises (from May 2 to May 8) dropped sharply to 62.79%, down 17.10 percentage points WoW, 6.61 percentage points lower than expected, and up 9.68 percentage points YoY, though the YoY increase narrowed significantly. After the Labour Day holiday, copper prices continued to fluctuate at highs. Downstream copper rod enterprises maintained a strong wait-and-see sentiment, with low willingness to stockpile proactively. The level of new orders for most copper rod enterprises was relatively weak, and the proportion of orders with tentative pricing increased to some extent. Meanwhile, the current backwardation structure of SHFE copper price spread between futures contracts also suppressed the willingness of copper rod enterprises to operate and stockpile. The weekly operating rate was significantly lower than expected.