With the Chinese New Year approaching, the market is entering the holiday period [SMM North China Spot Copper].

During the week of February 6–12，inventory side, copper wire and cable enterprises on the raw material side have largely completed pre-holiday stockpiling. Combined with upstream suppliers gradually entering the holiday, raw material inventories fell 3.37% WoW this week. On the finished product side, enterprises stocked up moderately to meet post-holiday demand, but due to uncertainties around the Chinese New Year holiday and copper price trends after the holiday, stockpiling sentiment remained cautious, with no large-scale stockpiling observed.

During the week of February 6–12, the operating rate of SMM copper wire and cable enterprises was 56.01%, down 4.13 percentage points WoW. This week marked the final production week before the Chinese New Year holiday for the industry, with most enterprises gradually halting operations by the end of the week. Looking ahead to next week, enterprises across the industry will essentially enter the Chinese New Year holiday in full swing, with only a few enterprises retaining orders on hand keeping part of their capacity operational. SMM expects the operating rate of copper wire and cable to drop 40.81 percentage points WoW to 15.2% next week.

All production processes at the third-phase concentrator of Wushan Copper Mine, a subsidiary of Jiangxi Copper Corporation, have been largely streamlined, achieving key progress in system construction and trial production. As of the end of January this year, core production processes at the concentrator, including grinding, flotation, and copper concentrate filtration, have been fully connected, with copper concentrate successfully delivered to the warehouse.