According to SMM data, the operating rate of copper pipe & tube enterprises was 63.82% in November, up 1.45 percentage points MoM but down 17.86 percentage points YoY.

[SMM Shanghai Spot Copper] Looking ahead to next week, as the SHFE 2601 copper contract begins trading, the 2025 long-term contracts for copper cathode will largely conclude, and negotiations for 2026 long-term contracts will commence. Trading activity in the spot market is expected to slow down accordingly. With the market shifting entirely to spot order transactions, price volatility is likely to widen. Premiums and discounts against the SHFE 2601 copper contract are expected to remain at a discount next week.

Spot #1 copper cathode prices in North China against the front-month contract were at a discount of 300-260 yuan/mt today, averaging a discount of 280 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 93,100 to 93,570 yuan/mt, with the average price at 93,335 yuan/mt, up 945 yuan/mt from the previous trading day.

This week, the operating rate of machinery in the enamelled wire industry pulled back by 1.13 percentage points to...