In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the conclusion of the US presidential election, the uncertainty of global trade policies is expected to further increase, presenting new issues for international trade cooperation. In the realm of geopolitics, ongoing conflicts and tensions show no significant signs of easing, posing threats not only to global security but also significantly impacting resource allocation and industrial layout. Against this macro backdrop, industrial relocation and supply chain restructuring have become key topics that we must closely monitor. At the industrial level, the trend of protectionism in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "dual carbon" goals have significantly increased market attention to secondary copper. However, the "reverse invoicing" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentives, the space for copper cathode trade is expected to further narrow. We predict that the procurement ratio of copper processed materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Shengjing Bank Co., Ltd. will make a splendid appearance at this conference. We will move forward with the times, aim at our goals, and strive with determination and courage! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth number: D5. Shengjing Bulk - A financial professional service provider specializing in bulk commodities. Shengjing Bank, headquartered in Shenyang, Liaoning Province, is a state-owned city commercial bank in Shenyang and the largest and most powerful headquarters bank in northeast China. On December 29, 2014, our bank was successfully listed on the Main Board of the Hong Kong Stock Exchange (stock code: 02066). With excellent product services, outstanding management capabilities, and superior business performance, Shengjing Bank has won high praise from the market, being selected as one of China's top 20 banks in Forbes' "World's Best Banks" ranking, ranked 146th in the "Top 1000 World Banks" list by The Banker magazine, and honored as one of the "Top 500 Chinese Enterprises," "China's Most Regionally Competitive City Commercial Bank," and "Top 100 Hong Kong Stocks." Spot commodity financing product - "Yun Cang Loan." "Yun Cang Loan" is a spot financing financial product launched by Shengjing Bank for bulk commodity customers. Applicants only need to pledge the spot commodities stored in the warehouses of Shanghai Port Group Logistics to our bank and establish corresponding short hedging positions at Jianxin Futures Co., Ltd. to apply for short-term working capital loans. Product advantages: Wide range of collateral: Six basic metals including copper, aluminum, lead, zinc, nickel, and tin. Multiple forms of collateral: Covering semi-finished products and raw materials such as copper rod, aluminum billet, and copper concentrates. High collateral ratio: The pledge rate is up to 90% (90% of the cargo value). Low financing cost: Interest is calculated daily, with no minimum loan term and no supervision fee. High operational efficiency: Pledge and loan on the same day; repayment and release of pledge on the same day. Low entry threshold: Established for more than 2 years, with an annual turnover of more than 100 million yuan and no consecutive losses. Flexible model: Supports full-scenario financing such as prepayment financing, spot pledge, and selling goods for repayment. Shanghai Branch Bulk Finance Department. SMM Conference Contact: Yao Ma, 18321395342, mayao@smm.cn.

The green transition, driven by the global race for renewable sources of energy, will no doubt transform both industries and economies. Interest from governments, businesses, and consumers in sustainable living has surged, hence a surge in demand for new energy technologies such as electric vehicles, renewable energy storage, and efficient energy solutions. Such transformation does not come without its challenges, notably in the security of supply for metals that these technologies depend on.

Mold steel is a type of Tool steels that are used to make Molds in the industrial process, especially for Producing Plastic, Glass and Metal parts. This steel is recognized for its hardness, wear resistance and sharp edge retention; giving it amazing performance on applications where the production of complex shapes used as dies or molds are required. The applications of sample include injection and blow molding for plastic components and bottles, respectively.

Overall, in the domestic market, basic metals such as aluminum oxide and nickel fell, while other metals showed slight increases. LME metals fluctuated, with aluminum, nickel, and tin falling, and other metals rising slightly. Lithium carbonate fell after reaching a new high, while industrial silicon rose. The black metal sector closed lower, with coke, stainless steel, and coal falling, and gold and silver in Shanghai rose. In terms of spot and fundamentals, stainless steel prices rose due to high opening of steel mill prices, but with weak consumption demand and increased production, market confidence is low. For lithium carbonate, limited supply and rising prices for scattered orders are reported.

The U.S. dollar rebounded, causing basic metals to generally fall. Domestic basic metals fell, with Shanghai copper and nickel rising but alumina and other metals falling. LME metals were mostly green, with nickel falling in London. Lithium carbonate rose to a new high, while industrial silicon fell. The black series rose, with coking coal, coke, iron ore, and other metals rising. Shanghai gold rose but Shanghai silver fell, while COMEX gold and silver fell. The European liner freight main contract rose. There have been no major changes in the supply and demand pattern of domestic alumina before the holiday, but the operating rate has rebounded slightly. For lithium carbonate, the recovery progress on the supply side is slow, causing market concerns.

In the US dollar continued to fall and metal prices rose, with lithium carbonate increasing by 3.39% and European shipping futures falling by 4.88%. The decline of the US dollar led to a rise in metal futures, with Shanghai zinc, aluminum, and lead prices increasing. Additionally, black metal products and LME metals saw an increase in prices. European shipping futures continued to fall, and there are concerns about the supply of ferro-nickel raw materials for stainless steel. The overall resumption of work in the lithium carbonate market has been slow after the Chinese New Year, with market demand expected to gradually warm up in the second quarter. The US dollar index continued to fall, with expectations for a rate cut by the Federal Reserve in March decreasing. US and Brent oil prices rose, with the focus on OPEC's production policies for the next quarter in early March. The recent geopolitical tensions and new sanctions on Russia have also impacted the oil market.

Overnight, LME lead opened at US$2,049.5/ton. During the Asian session, LME lead trading was flat, basically fluctuating between US$2,045 and US$2,055/ton. Entering the European session, concerns about conflicts in the Middle East escalated, and LME lead inventories increased to over 90,000 tons

LME copper prices opened at $7983/mt and closed flat at $7984.5/mt in overnight trading, with the low-end of $7953/mt and the high-end of $8015/mt.

The above-mentioned minerals are on the US government’s critical minerals list. U.S. is 100% import dependent for arsenic, bismuth, fluorspar, gallium, indium, manganese, niobium, scandium, tantalum, titanium, yttrium and rare earths.

Crude oil fell for two consecutive days. As of 15:06 CST today, WTI oil and Brent oil fell 0.49% and 0.47% respectively.