SMM data: The weekly operating rate of major domestic copper cathode rod enterprises (5.2-5.8) dropped sharply to 62.79%, down 17.10 percentage points MoM, 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, with downstream copper rod enterprises maintaining a wait-and-see attitude and showing low willingness to stockpile proactively. The level of new orders for most copper rod enterprises remained weak, with a certain increase in the proportion of orders with tentative pricing. 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, with the weekly operating rate significantly falling short of expectations.