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 WoW and down 11.24 percentage points YoY, exceeding expectations by 2.33 percentage points. The early-stage correction of copper prices, the concentrated release of orders accumulated last week, and the growth in orders from the State Grid Corporation of China led to a slight increase in the operating rate. However, due to the impact of the traditional off-season effect and the wait-and-see sentiment towards copper prices among end-users, the industry's operating rate may weaken. Therefore, SMM expects the operating rate to decline by 0.93 percentage points MoM to 71.97% next week, with the YoY decline further widening to 15.54 percentage points.