People's Bank of China Governor Comments on RRR, LME Copper Declines

[SMM Copper Anode Flash] SMM expects the overall operating rate of China copper anode enterprises to rebound 1.30 percentage points MoM to 44.11% in September 2026. Among them, primary copper anode enterprises are expected to see their operating rate fall 7.19 percentage points MoM to 57.88% due to maintenance at some enterprises and refining capacity ramp-up; secondary copper anode enterprises are expected to see their operating rate rebound 4.76 percentage points MoM to 38.48%. (Non-captive copper anode only)

[SMM Copper Anode Flash] In August 2026, the operating rate of SMM China copper anode enterprises was 42.81%, down 1.85 percentage points MoM. By raw material, the operating rate of primary copper anode enterprises rose 1.54 percentage points MoM to 65.07%; the operating rate of secondary copper anode enterprises fell 3.23 percentage points MoM to 33.72% due to tight supply of tax-inclusive copper scrap. (Non-captive copper anode only)

[SMM Экспресс по медным анодам] Из-за сохраняющегося дефицита предложения вторичных медных анодов в Китае, запасы медных анодов на китайских заводах SMM в августе 2026 года составили 6,13 дня, что на 0,16 дня меньше по сравнению с предыдущим месяцем; это восьмой месяц подряд снижения с января 2026 года.