[SMM Copper Anode Express] SMM expects that in June 2026, the overall operating rate of China copper anode enterprises will rise 0.18 percentage points MoM to 47.55%, with the operating rate of ore-derived copper anode enterprises expected to fall 3.53 percentage points MoM to 72.00%, and that of scrap-derived copper anode enterprises expected to rise 1.70 percentage points MoM to 37.56%. (Referring solely to the non-captive copper anode portion.)

[SMM Copper Anode Alert] In May 2026, the operating rate of China’s copper anode producers (SMM survey) was 47.37%, down 0.81 percentage points MoM. By raw material, the operating rate of ore-derived copper anode producers rose 0.57 percentage points MoM to 75.53%; that of scrap-derived copper anode producers fell 1.38 percentage points MoM to 35.86%. (Referring only to the non-captive copper anode portion.)

[SMM Copper Anode Flash] Due to tightening secondary copper industry policies, production willingness of copper anode producers using scrap declined, leading to a decrease in China's supply in Q2. SMM smelter copper anode days of inventories in May 2026 were 6.88 days, down 0.16 days MoM.

[SMM Copper Anode Market] Although the center of copper prices shifted higher, tax-inclusive copper scrap in the current market remained relatively tight, and operating rates of copper anode producers using scrap saw no increase. From May 29 to June 4, the SMM weekly operating rate of China's copper anode producers using scrap fell 0.62 percentage points WoW to 52.52%, and is expected to decline 0.63 percentage points WoW to 51.89% next week.

SMM Analysis: On May 29, SMM's monthly blister copper RCs in south China were quoted at 800-1,000 yuan/mt, with an average of 900 yuan/mt, down 50 yuan/mt MoM...

[SMM Copper Anode Market] May 22-28, the SMM weekly operating rate of China's scrap-derived copper anode enterprises fell 4.42 percentage points WoW to 53.14%, and is expected to rebound 1.24 percentage points WoW to 54.38% next week.

[SMM Copper Anode Market] As copper prices rose previously, enterprises restocked copper scrap inventory. From May 15 to May 21, the SMM weekly operating rate of China's copper anode producers using scrap increased 9.14 percentage points WoW to 57.56%. However, as copper prices pulled back again this week, the rate is expected to decline 1.32 percentage points WoW to 56.24% next week.

SMM Analysis: According to data from the General Administration of Customs, China imported 72,700 mt of copper anode (HS code: 74020000) in April 2026, up 5.64% MoM and down 2.10% YoY...

[Customs Data on Copper Anode] According to data from the General Administration of Customs, China's imports of copper anode (HS code: 74020000) totaled 72,700 mt in April 2026, up 5.64% MoM and down 2.10% YoY. Cumulative imports of copper anode from January to April 2026 reached 263,200 mt, up 7.54% YoY.

[SMM Copper Anode Market] Copper scrap supply increased due to rising copper prices. During May 8-14, the SMM weekly operating rate of China's copper anode producers using scrap rose 2.07 percentage points WoW to 48.42%, and is expected to rise 8.03 percentage points WoW to 56.45% next week.