Data: SHFE, DCE market movement (Feb 26)

[SMM Copper Anode Express] After the Chinese New Year, China's copper anode producers using scrap gradually resumed operations, but production has not yet recovered. From February 19 to February 26, the operating rate of SMM scrap-derived copper anode producers was 7.45%. It is expected that next week, as enterprises gradually return to normal production, the operating rate will recover to 54.09%.

According to SMM, the copper plate/sheet and strip industry has fully resumed production, and downstream cargo pick-up is moderate, but most orders are mainly for pre-holiday shipments, and new orders are relatively weak. As the impact of the holiday gradually subsides, enterprise production will return to normal, and it is expected that the industry operating rate will rebound to over 70% next week.

According to SMM, the enamelled wire industry has fully resumed work, but the rebound in end-use consumption has been relatively slow. Enterprises generally report that demand is expected to return to normal levels after the Lantern Festival, which aligns with the pace seen in previous years. Production differentiation is significant: the operating rates of enterprises related to home appliances, NEVs, and power transformers have already exceeded 90%, while those in traditional sectors remain at only 20–30%. SMM forecasts that the overall industry operating rate will rebound to over 70% next week.