【SMM Copper Inventory Update】This week, copper cathode social inventory in China's major regions destocked for the fourth consecutive week. This was mainly because smelters gradually entered maintenance cycles, arrivals tightened somewhat, and coupled with stable demand, this supported continued inventory pullback. However, affected by the rebound in copper prices, downstream demand showed signs of slowing down, causing the destocking pace to moderate.

【SMM Copper Inventory Flash】Social inventory of copper cathode in China’s major regions continued the destocking trend this week, marking the third consecutive week of declines. As smelters gradually entered maintenance cycles, upstream arrivals tightened somewhat, while downstream demand remained stable, and inventory continued to decline.

【SMM Copper Inventory Flash】This week, social inventory of copper cathode in China’s major regions continued to decline, mainly supported by tight supply in some areas and a recovery in downstream consumption; however, higher copper prices somewhat restrained downstream procurement, and relatively weak consumption slowed the pace of destocking.

[SMM Copper Inventory] Looking ahead to next week, continued fluctuations in copper prices are expected to keep disturbing end-user procurement sentiment, while rising plastic prices will bring cost pressure. However, existing orders will continue to support enterprises’ baseline production schedules, leaving limited downside room for operating rates. SMM expects the operating rate of copper wire and cable to fall 1.54 percentage points MoM to 69.23% next week, down 5.99 percentage points YoY.

【SMM Copper Inventory Flash】This week, social inventory of copper cathode in China’s major regions continued to destock, as downstream consumption gradually recovered and tight supply in some areas further supported the continued decline in inventory.

【SMM Copper Inventory Flash】 Over the weekend, social inventory of copper cathode in SMM’s major regions saw a sharp destocking, showing a pronounced destocking trend; driven by the significant pullback in copper prices, downstream consumption continued to recover, and market purchasing enthusiasm increased markedly.