Pullback in copper prices drives order growth [SMM Enamelled Wire Market Weekly Review]

        This week, the operating rate of enamelled wire industry machines rebounded by 0.13 percentage points MoM to 78.2%, with new orders also rising by 1.68 percentage points . According to SMM, overall orders remained stable this week. Driven by the decline in copper prices at the end of the week, new orders increased, leading to a slight rebound in the operating rate. In terms of inventory, after the decline in copper prices, the downstream cargo pick-up pace slightly accelerated, driving the industry's weekly days of finished product inventories to slightly decrease to 10.08 days, with the overall performance still at a relatively high level. Demand side, home appliance orders remained weak, but NEV and two-wheeled EV performed well. Overall, the decline in copper prices slightly warmed up enamelled wire industry orders, but there was still a wait-and-see sentiment in the downstream, and the increase in orders was not significant. SMM expects that the operating rate of enamelled wire industry machines will slightly rebound to 78.53% next week.