Copper Cathode Rod Production Resumes; Operating Rate to Decline 0.35% MoM Next Week

With the continuous expansion of the AI computing power industry, market demand for computing servers, high-speed optical modules, and high-frequency copper clad laminate (CCL) has risen rapidly, driving steady growth in overall demand for copper foil used in circuits. The industry chain is simultaneously upgrading toward higher precision and density, further boosting demand for HVLP copper foil and pushing up processing fees. In response to market changes, SMM has added a quotation item for HVLP1 copper foil processing fees for CCL; on July 31, 2026, the processing fee for 35μm specifications is quoted at 50,000-60,000 yuan/mt, with an average of 55,000 yuan/mt; the 18μm specification is quoted at 58,000-68,000 yuan/mt, with an average of 63,000 yuan/mt. For details, please visit the SMM official website.

During the week (July 25–July 30), the operating rate of SMM copper wire and cable enterprises came in at 65.94%, down 1.24 percentage points WoW and 1.4 percentage points YoY. During the week, although copper prices staged a pullback, they remained in a high range. Downstream enterprises adopted a cautious purchasing stance, with market transactions largely supported by rigid demand, leading to limited new order growth.