The operating rate of enamelled wire production equipment this week pulled back 0.26 percentage points WoW to...

[SMM Shanghai Spot Copper] Tomorrow, downstream stocking is expected to increase. However, the current high copper prices have led suppliers to adopt a "slack-off" attitude toward sales, and spot transactions are anticipated to remain at low levels.

SMM Morning Meeting Minutes: LME copper opened at $11,093.5/mt overnight, initially traded sideways before copper prices rose to a high of $11,200/mt, then fell sharply to a low of $11,049/mt near the session's close, and finally settled at $11,090/mt, up 0.55%, with trading volume reaching 29,000 lots and open interest at 328,000 lots. The most-traded SHFE copper contract 2512 opened at 88,780 yuan/mt overnight, touched a low of 88,520 yuan/mt early in the session, then fluctuated upward to a high of 89,270 yuan/mt, and finally settled at 89,130 yuan/mt, up 1.23%, with trading volume at 109,000 lots and open interest at 292,000 lots.

The operating rate for secondary copper rod was 28.33% in September, higher than the expected 27.43%, but decreased by 2.57% MoM and increased by 3.62% YoY. In the third quarter of 2025, the secondary copper rod industry underwent significant adjustments amid policy uncertainties stemming from Notice No. 770. This notice requires local governments to standardize investment promotion practices and eliminate irregular tax incentives and subsidy policies, directly impacting the cost structure and production plans of secondary copper rod enterprises. According to surveys, enterprises in traditional industrial clusters such as Jiangxi and Anhui suspended production on a large scale while awaiting detailed policy guidelines, leading to a sharp decline of approximately 30% in national secondary copper rod production in August, equivalent to a reduction in supply of about 48,800 mt.

[SMM Shanghai Spot Copper] Copper prices are expected to continue rising tomorrow, with downstream purchasing sentiment remaining rigid. However, spot discounts continue to widen, prompting traders to show a willingness to purchase, and transactions are expected to improve slightly.

SMM Morning Meeting Minutes: LME copper opened at $10,941.5/mt overnight, initially testing the low at $10,935/mt, then copper prices rose steadily to a high of $11,048/mt, before consolidating and closing at $11,029.5/mt, up 0.26%, with trading volume reaching 22,000 lots and open interest at 323,000 lots. The most-traded SHFE copper contract 2512 opened and tested the low at 87,220 yuan/mt overnight, then copper prices rose steadily, approaching a high of 88,120 yuan/mt near the end of the session, before finally closing at 87,910 yuan/mt, up 0.25%, with trading volume at 81,000 lots and open interest at 283,000 lots.