This week (July 11 - July 17), the operating rate of SMM copper wire and cable enterprises stood at 72.90%, up 1.38 percentage points MoM and down 11.24 percentage points YoY, exceeding expectations by 2.33 percentage points. Copper prices, after a prior correction, along with the concentrated release of orders accumulated last week and an increase in orders from the State Grid Corporation of China, led to a slight increase in the operating rate. However, influenced by the traditional off-season effect and wait-and-see sentiment regarding terminal copper prices, industry operations may weaken. Therefore, SMM expects the operating rate to decline by 0.93 percentage points MoM next week to 71.97%, with the YoY decline further widening to 15.54 percentage points.