》Check SMM Copper Prices, Data, and Market Analysis 》Subscribe to View SMM Historical Spot Metal Prices Copper Cathode Rod: The weekly (1.10-1.16) operating rate of major domestic copper cathode rod enterprises unexpectedly dropped to 70.46%, down 5.9 percentage points MoM, 4.86 percentage points lower than the expected value, and down 2.0 percentage points YoY. As the year-end approaches and the Chinese New Year atmosphere intensifies, coupled with high copper prices, downstream orders were significantly suppressed, leading to a sluggish market trend. Some enterprises have already started reducing operating rates, with holiday schedules moved forward earlier than expected. This week, the operating rate of copper cathode rods declined more than anticipated. From the inventory perspective, copper cathode rod enterprises have begun pre-holiday stocking. Driven by a few large enterprises, the raw material inventory of major domestic copper cathode rod plants increased by 5.11% MoM, reaching 37,210 mt, while finished product inventories rose by 22.84% MoM, recording 68,300 mt. Looking ahead, the overall market is expected to remain weak in consumption. If copper prices do not show a significant decline, it will be difficult to see new orders for pre-holiday stocking. Most copper cathode rod enterprises are expected to suspend operations and take holidays next week. The operating rate of copper cathode rods is projected to drop to 55.05% during the week of 1.17-1.23, down 15.41 percentage points MoM. Due to the earlier Chinese New Year in 2025 compared to 2024, the weekly operating rate is expected to decline by 20.4 percentage points YoY.

[SMM Flash] Xinye Stock released its semi-annual report for 2024, achieving operating revenue of RMB 18.775 billion in the first half of the year, with a net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses reaching RMB 998 million, up 67.95% year-on-year; basic earnings per share were RMB 0.4806. Xinye Stock strengthened its development momentum through coordinated mining, beneficiation, and smelting operations, and improved operational quality and efficiency through lean management. The company's total non-ferrous metal production in the first half of the year was 185,200 tonnes, including 68,800 tonnes of zinc.

In the past week, the domestic aluminum ingot inventory showed slight improvement, and the pick-up from warehouses also stabilized.

The recent recovery in lithium carbonate prices is due to previous production losses and environmental restrictions causing a spot market shortage, alongside a demand resurgence and restocking by downstream sectors, resulting in a supply-demand mismatch. Lithium carbonate supply is expected to increase as smelters return to normal and imports arrive. With downstream cathode producers sensitive to high costs, the potential for rising spot prices is likely to be limited.