SMM

[SMM Analysis: Narrowing Price Difference Between Primary Metal and Scrap Fails to Offset Weak Orders; February Copper Cathode Rod Operating Rate Declines MoM] According to SMM, the operating rate of copper cathode rod producers in February was 55.84%, down 0.9 percentage points MoM and 2.23 percentage points below the expected value. Based on the lunar calendar, due to differences in the span of the Chinese New Year, the operating rate of copper cathode rods rose 13.79 percentage points YoY. Among them, the operating rate of large enterprises was 64.97%, medium-sized enterprises 40.99%, and small enterprises 49.22%.