According to data from SMM, the operating rates of copper billet producers reached 50.61% in May 2025, down 4.36% MoM, indicating a weakening trend in the industry's operations. By scale, the operating rate of large enterprises was 53.42%, that of medium-sized enterprises was 49.54%, and that of small enterprises was 35.87%.

[SMM Analysis: Operating Rate of Secondary Copper Rod Increases Slightly as Order Delivery Deadline Approaches] According to SMM's survey data, the operating rate of secondary copper rod this week was 32.08%, up 4.77 percentage points WoW and down 5.51 percentage points YoY. Meanwhile, the average price difference between copper cathode rod and secondary copper rod was 1,085 yuan/mt this week, narrowing by 4 yuan/mt WoW. In addition, the average discount of secondary copper rod in Jiangxi against copper futures was 428 yuan/mt, widening by 14 yuan/mt WoW. Furthermore, the average discount of secondary copper rod in Jiangxi against copper futures was 414 yuan/mt, widening by 226 yuan/mt WoW...

[SMM Analysis: Copper Prices Fluctuate Downward, Suppliers Unwilling to Stockpile Excessively] As of June 5, copper prices rose by 300 yuan/mt, with the price of bare bright copper in Guangdong also increasing by 300 yuan/mt. Amid the doldrums of copper prices this week, many suppliers of secondary copper raw materials adopted a "quick in, quick out" strategy to sell their goods. Consequently, secondary copper rod enterprises reported a continued improvement in raw material procurement compared to WoW. Moreover, as the delivery date for orders approached, the destocking speed of raw materials at secondary copper rod enterprises accelerated...

According to SMM, the operating rate of copper plate/sheet and strip producers was 70.12% in May 2025, down 3.69 percentage points MoM and up 2.93 percentage points YoY. Among them, the operating rate of large enterprises was 72.44%, that of medium-sized enterprises was 69.23%, and that of small enterprises was 63.43%.