【SMM Copper Wire and Cable Update】 The operating rate of wire and cable enterprises stood at 66.75% this week, down both MoM and YoY and below expectations. The core reason was that copper prices broke through the 80,000 yuan/mt threshold, suppressing new orders, coupled with the fact that orders on hand were nearing completion and required new orders to bridge production at this period. Some enterprises expressed concerns about the market outlook for the remainder of September. Looking ahead to next week, as copper prices pulled back below 80,000 yuan/mt, downstream acceptance of prices improved, and previously shelved short-term orders are expected to be released. SMM therefore anticipates the industry's operating rate to rise to 67.75%.