[SMM Copper Cathode Rod Flash] This week, the operating rate of copper cathode rod producers rose 1.6 percentage points WoW, beating expectations by 6.16 percentage points. The sharp retreat in copper prices spurred concentrated price fixings among downstream wire, cable, and enamelled wire users, and new orders at copper rod mills drove an above-expectation recovery in operating rates. Demand from top-tier wire and cable players rebounded markedly, while enamelled wire orders recorded only a mild improvement, without explosive growth.

During the week, the copper price center pulled back, boosting downstream purchase willingness. New orders in the enamelled wire industry achieved a phased recovery, and enterprise production enthusiasm rose in tandem, driving the weekly operating rate up.

This week (6.5-6.11), the operating rate of enamelled wire industry machines rebounded WoW ....

According to SMM, by the end of May, contradictions between weak orders and rising inventories had already emerged in the market. In June, as the end-use off-season deepens, high copper prices further disrupt market purchasing sentiment. At the beginning of the period, enterprises proactively lowered operating rates and tightened production schedules to digest previously accumulated inventories. While demand in the power and new energy sectors remains resilient, the incremental gains cannot offset the decline in conventional end-use demand. The demand side is unlikely to see a substantive recovery in the short term. SMM expects the industry's operating rate to continue its pullback trend in June.

According to SMM, in May, constrained by multiple factors such as the Labour Day holiday disruption, weak demand from home appliances, and copper prices fluctuating at highs, the operating rate of the enamelled wire industry pulled back 3 percentage points MoM. Currently, structural divergence on the demand side continues. Rigid demand from the new energy and power sectors remains steady, providing bottom support for the industry. However, the home appliance sector remains persistently weak, traditional end-user segments lack incremental rigid demand, and downstream end-users are highly sensitive to copper prices. Copper price fluctuations suppress purchase willingness, further dragging on order growth.

According to SMM, the comprehensive operating rate of the enamelled wire industry in May was 72.32%, down 3.00 percentage points MoM but up a marginal 0.06 percentage points YoY. Among them, the operating rate of large enterprises was 77.24%, medium-sized enterprises was 59.65%, and small enterprises was 68.78%.

[SMM Copper Express] The operating rate of domestic copper cathode rod producers rose 4.82 percentage points WoW this week but pulled back 9 percentage points YoY. The increase in the operating rate was mainly driven by the concentrated scheduling of existing orders, while new orders were weak. High copper prices suppressed downstream wire and cable procurement. Enamelled wire orders were moderate, but high inventory weighed on subsequent production.

Copper enamelled wire industry: By month-end, the market had already shown the contradiction of weakening orders and rising inventory. In June, the end-user off-season continued, compounded by high copper prices disturbing market procurement sentiment. During the initial phase, enterprises proactively reduced operations and scaled back production schedules to digest previously accumulated inventory. SMM expects the operating rate of the enamelled wire industry to continue its downward trend in June.

According to SMM, in May, constrained by multiple factors including the Labor Day holiday disruption, weak home appliance demand, and copper prices fluctuating at highs, the enamelled wire industry's operating rate pulled back 3 percentage points MoM.

This week (5.29-6.4), the machine utilization rate in the enamelled wire industry WoW ....