SMM: Copper Cathode Rod Sector Sees Inventory Shifts, Forecasts 11% MoM Rise in Operating Rate

Published: Jan 9, 2026 15:21

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Major domestic copper cathode rod enterprises resumed production this week (January 2–8) and conducted raw material purchases accordingly, leading to a 6.47% MoM increase in raw material inventory. Combined with destocking by idled enterprises and marginal improvement in rigid demand orders, finished product inventories decreased by 6.22% MoM. As enterprises resumed production after the holiday and the drop in copper prices stimulated restocking demand from some downstream companies, SMM expects the operating rate of copper cathode rod enterprises to rise 11 percentage points MoM to 58.83% next week (January 9–15), though it will still be down 11.63 percentage points YoY.

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