[SMM Copper Wire and Cable Weekly Operating Rate] This week, the SMM copper wire and cable enterprise operating rate was 68.48%, down 1.48 percentage points WoW and down 16.19 percentage points YoY. Copper prices fluctuated and rebounded during the week, suppressing new orders from downstream. Additionally, the concentrated delivery date in Q1 was largely over, the pace of power grid order delivery slowed down, and the execution of prior backlog orders was nearing completion. Enterprise production pace slowed slightly, leading to a marginal decline in the operating rate. The industry operating rate is expected to continue declining next week, and SMM expects the copper wire and cable operating rate to edge down 1.88 percentage points WoW to 66.59% next week.

This week (April 3–April 9), the SMM copper wire and cable enterprise operating rate was 68.48%, down 1.48 percentage points WoW and down 16.19 percentage points YoY. During the week, copper prices rebounded with volatility, suppressing new orders from downstream. Additionally, as the concentrated delivery date in Q1 largely concluded, the pace of power grid order deliveries slowed down, previously accumulated orders neared completion, and enterprise production pace slightly slowed down, leading to a slight decline in the operating rate. By segment, State Grid and China Southern Power Grid recently placed relatively few orders overall, with only scattered small-value orders as the mainstay. Orders in the automotive wire and optical fiber segments maintained relatively robust momentum, while order performance in other segments remained relatively mediocre. Inventory side, enterprises primarily made just-in-need raw material purchases this week, prioritizing the consumption of existing inventory, resulting in a 3.41% WoW decline in raw material inventory. Finished product inventories edged up due to a slowdown in downstream cargo pick-up pace and fewer new orders, increasing 2.54% WoW. Looking ahead to next week, new order intake in the market remains weak, and coupled with enterprises' earlier orders on hand nearing the end of their production schedule, the industry operating rate is expected to continue declining. Therefore, SMM expects the copper wire and cable operating rate for next week (April 10–April 16) to decrease 1.88 percentage points WoW to 66.59%.

Based on calculations derived from the production plans of major smelters, Japan's copper cathode production in H1 of fiscal year 2026/27 is expected to grow 3.3% YoY, driven by firm demand for copper alloy products and copper wire in the power sector.H1 of the fiscal year runs from April to September.A spokesperson for Pan Pacific Copper (PPC), Japan's largest copper supplier, said the company's copper cathode production in H1 is expected to rise 7.5% YoY, as the operating rate at smelters under JX Advanced Metals is expected to improve.

This week, against the backdrop of fluctuating upward copper prices, the secondary copper industry chain showed a complex situation in which extremely tight upstream raw material supply coexisted with persistent negative margins for downstream finished products. In the secondary copper rod market, SMM data showed that the operating rate fell further to 5.45% this week, down 0.38 percentage points MoM and 25.43 percentage points YoY

This week (March 27-April 2), the operating rate of SMM copper wire and cable enterprises was 69.95, down 0.81 percentage points MoM and down 11.11 percentage points YoY, with overall operations remaining stable. During the week, copper prices moved sideways, while end-users remained bearish. Downstream enterprises showed a strong wait-and-see sentiment in procurement, and new orders were weak. However, as existing orders from the previous period still supported normal production schedules, the operating rate declined only slightly. By segment, SMM learned that order placement in the power grid sector has been relatively weak recently, while orders in the NEV and optical fiber sectors performed well, and construction engineering-related orders remained far from optimistic. Inventory side, raw material inventory was still mainly consumed this week, so raw material inventory fell 2.84% MoM. As for finished product inventories, driven by the gradual pick-up of previous orders, inventory fell 3.31% MoM. Looking ahead to next week, continued fluctuations in copper prices are expected to keep suppressing end-user purchase willingness, and the operating rate is expected to continue to pull back, though downside room will be limited as orders on hand still support production schedules. SMM expects the operating rate of copper wire and cable next week (April 3-April 9) to fall 0.67 percentage points MoM to 69.29, down 15.58 percentage points YoY.

[SMM Copper Wire and Cable Weekly Inventory] On weekly copper wire and cable inventory, raw material inventory still mainly declined on consumption this week, so raw material inventory fell 2.84% MoM. As for finished product inventories, with downstream enterprises gradually picking up goods, finished product inventories fell 3.31% MoM.

[SMM Copper Wire and Cable Weekly Operating Rate] This week, the operating rate of SMM copper wire and cable enterprises was 69.95, down 0.81 percentage points MoM. Overall operating performance was stable this week. During the week, copper prices hovered at highs, exacerbating wait-and-see sentiment among downstream enterprises, while new orders remained weak. Enterprises still relied on ample orders on hand to keep production basically stable. By segment, the power sector remained the core support, with orders in NEV and optical fiber performing well, while engineering and construction orders were still hardly optimistic. The operating rate of copper wire and cable enterprises is expected to fall 0.67 percentage points MoM to 69.29 next week

[SMM Copper Wire and Cable Operating Rate Flash] According to SMM, the operating rate of China’s major copper wire and cable enterprises was 71.99% in March, up 16.18 percentage points MoM and down 1.61 percentage points YoY. Among them, the operating rate of large enterprises was 77.48%, that of medium-sized enterprises was 49.73%, and that of small enterprises was 47.26%. The operating rate is expected to rise 0.64 percentage points MoM to 72.63% in April.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,223/mt. In early trading, it saw wide swings and climbed to $12,278/mt. Subsequently, the center of copper prices moved straight downward to a low of $12,153.5/mt, before fluctuating widely again and finally closing at $12,195/mt, up 0.44. Trading volume reached 15,300 lots, and open interest stood at 295,000 lots, down 454 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 96,100 yuan/mt and hit a high of 96,240 yuan/mt in early trading. Subsequently, the center of copper prices gradually moved lower to 95,210 yuan/mt, before fluctuating rangebound and finally closing at 95,350 yuan/mt, down 0.05. Trading volume reached 36,500 lots, and open interest stood at 183,000 lots, down 2,394 lots from the previous trading day, mainly due to bulls reducing positions.

[SMM Copper Wire and Cable Operating Rate] The operating rate of SMM copper wire and cable enterprises was 70.77% this week, up 0.24 percentage points MoM. Overall operating performance was stable, while market performance was relatively mediocre. During the week, the pullback in copper prices suppressed the release of new orders, but enterprises had ample orders on hand and pending delivery, supporting basically stable production. New orders across downstream segments were generally weak, with demand in the home decoration sector particularly mediocre due to rising plastic raw material prices.