The average operating rate of key copper rod producers using copper cathode was around 76.65% last week, a drop of 3.68 percentage points from the previous week. Copper prices continued to rebound last week, and a number of copper rod companies reported that orders dropped significantly.
The production pace of companies during the week slowed down compared with the previous week. In terms of copper rods produced with copper scrap, the discounts against SHFE front-month copper contract in Jiangxi area were 230 yuan/mt last Friday.
Although the spot supply of copper scrap rods in the market was still very tight, downstream buyers were more cautious as the price difference between copper cathode rod and copper scrap rod expanded to 1,100 yuan/mt, which had an impact on the consumption of copper cathode rods.
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