[SMM Analysis: Sales Losses Persist, Finished Product Inventories Increase] According to SMM's survey data, the operating rate of secondary copper rod this week was 21.17%, up 0.13 percentage point WoW and down 1.9 percentage point YoY. Meanwhile, the average price difference between copper cathode rod and secondary copper rod this week was 1,166 yuan/mt, narrowing by 102 yuan/mt WoW. In addition, the average discount of secondary copper rod in Jiangxi against copper futures was 625 yuan/mt, widening by 121 yuan/mt WoW...

[SMM Analysis: Suppliers Fear Copper Price Decline, Actively Sell Inventory] This week, copper prices experienced a trend of rising first and then falling, with an overall increase of 700 yuan/mt. The price of bare bright copper in Guangdong only rose by 200 yuan/mt. According to SMM, at the beginning of the week, some suppliers of secondary copper raw materials, concerned about the long-term volatility of copper prices, chose to sell at the price peak...

[SMM spot copper] Looking ahead to next week, the outflow of warrants on Tuesday and Wednesday will exert downward pressure on premiums. It is expected that there will be a gradual pullback risk for the premium of 400 yuan/mt next week, but downstream purchases at lower prices are expected to boost market trading activity.