This week (June 27 - July 4), the operating rate of SMM copper wire and cable enterprises fell to 67.81%, down 2.37 percentage points MoM and 13.55 percentage points YoY. Affected by the traditional off-season and copper prices breaking through 80,000 yuan/mt, new orders weakened, and enterprises mainly focused on orders on hand from the previous period. Finished product inventories decreased by 2.33% MoM to 19,670 mt, and raw material inventories fell by 3.43% MoM to 15,770 mt. By industry, except for the relatively stable power sector, demand in other industries was generally suppressed by high copper prices.