Against the backdrop of a constantly evolving global economic landscape, the export market for copper cathode rods is undergoing profound changes. On November 15, 2024, the Ministry of Finance and the State Taxation Administration announced the "Announcement on Adjusting Export Tax Rebate Policies," which, effective December 1, 2024, eliminated export tax rebates for copper semis, covering 34 tariff codes. This policy adjustment has had a significant impact on the export market for copper cathode rods. According to SMM, starting from the end of November 2024, the export market for copper wire rod has gradually shifted from Ordinary Trade to processing trade. Under the policy pressure of the elimination of export tax rebates, enterprises have actively adjusted their trade strategies, with processing trade becoming the mainstream method for copper cathode rod exports. Currently, amid fluctuating US tariffs and a volatile global trade landscape, the export market environment for copper cathode rods has become more complex. While enterprises are adjusting their trade modes to expand export markets, they are also facing multiple challenges such as insufficient understanding of policies, raw material supply, and market competition. Against this backdrop, the 2025 SMM Processing Trade Export Training Conference, organized by SMM (an international non-ferrous metal spot quotation platform, hereinafter referred to as SMM), will be held in Suzhou on May 22, 2025. The forum will cover topics including but not limited to: changes in export policies and an introduction to trade modes, the application and implementation process for processing manuals, and an analysis of the current situation in the copper rod export market. 2025 SMM Processing Trade Export Seminar (Phase II) Conference Agenda 13:00-13:30 Registration 13:30-13:40 Opening Remarks by the Host 13:40-14:20 Introduction to Policy Changes and Trade Modes 1. Structural Transformation under Policy Changes 2. Differences between Ordinary Trade and Processing Trade – Understanding Changes in Tax Rebates 3. Implementation of Processing Trade – Detailed Explanation of the Application Process for Processing Manuals and Customs Clearance Guest Speaker: Tongxu Zhang, Senior Analyst at SMM Information & Technology Co., Ltd. 14:20-14:40 Q&A Session 15:30-15:40 Mid-Session Break 16:30-17:00 Analysis of the Current Situation in the Copper Rod Export Market 1. Sharing of Recent Copper Prices and Market Trends for Copper Rods – Detailed Analysis of Export Data 2. Prospects and Risk Points for Copper Rod Exports under the Current International Situation 3. Calculation of Processing Fees for Copper Rod Exports – Importance of Long-Term Contracts for Imported Copper, Hedging, and Currency Locking Guest Speaker: Tongxu Zhang, Senior Analyst at SMM Information & Technology Co., Ltd. The 2025 SMM Processing Trade Export Seminar (Phase II) is an important component of SMM's efforts to align with industry trends and invest more in services to assist industries in opening up channels for going global. Building on the successful experience of the first seminar, this conference will focus on industry pain points and invite industry experts and enterprise representatives to jointly explore strategies for coping with copper rod processing trade exports. Looking back at the first seminar, over 50 representatives from multiple copper rod enterprises across the country gathered at Shanghai Aurora Tower to engage in in-depth discussions on cutting-edge topics such as changes in export policies, transformation of trade models, practical operations for applying for processing manuals, overseas market trading strategies, and LME RMB trading pathways. The representatives of participating enterprises expressed that they had gained a lot, developed a deeper understanding of processing trade policies, and mastered practical risk prevention and financing skills. The upcoming second seminar promises to be equally impressive. This conference will delve into the current challenges and opportunities facing copper rod exports, analyze the prospects and risk points of copper rod exports in the current international situation, and provide a detailed interpretation of the application process for processing manuals, customs declaration, and clearance, among other contents. We have established an efficient platform for resource matching and experience sharing to help enterprises break free from the dilemma of working alone and promote collaborative development across the upstream and downstream of the industry chain! SMM sincerely invites industry peers to gather in Suzhou to jointly discuss and deliberate on the development plan for copper rod exports, collaborate to address challenges, and explore new growth opportunities. We believe that through this seminar, enterprises will gain an in-depth understanding of market dynamics, stay abreast of the latest policies, expand their business perspectives, inject new vitality into the copper rod export business, and promote the healthy development of the copper rod industry! For more information about the 2025 SMM Processing Trade Export Seminar (Phase II), please contact: De'an Xu: 166-0190-0090

On November 15, 2024, the Ministry of Finance and the State Taxation Administration jointly issued the "Announcement on Adjusting Export Tax Rebate Policies," which comprehensively canceled the export tax rebate policy covering 34 tax codes for copper semis, effective from December 1. The introduction of this policy was like a boulder thrown into a calm lake, stirring up waves in the copper rod export market. According to SMM, since the end of November 2024, the copper wire rod export market has accelerated its transition from Ordinary Trade to processing trade, and now processing trade has become the mainstream mode for copper cathode rod exports. At the same time, the international market environment has become increasingly complex. The unpredictable US tariff policies and the continuous turbulence in the global trade landscape have further exacerbated the uncertainty in the copper cathode rod export market. Domestically, the shadow of severe overcapacity in the copper rod industry has always loomed over the sector. Many enterprises, in their quest for survival, have turned their attention to overseas markets, attempting to break through the predicament by expanding global orders. However, the sudden tightening of the export tax rebate policy has not only significantly compressed corporate profit margins but also forced companies to quickly adjust their trade strategies. The transition from Ordinary Trade to processing trade is fraught with challenges. In the process of exploring new trade models, enterprises have generally encountered multiple challenges, including insufficient policy interpretation, unstable raw material supply chains, and intense international market competition. Under the dual pressures of policy and market, how can copper rod enterprises accurately grasp policy directions, innovate trade models, and ultimately break through the overcapacity dilemma! It is against this industry backdrop that on April 18, the 2025 SMM Processing Trade Export Training Conference, organized by SMM, was successfully held in Shanghai. More than fifty representatives from numerous copper rod enterprises across the country gathered at the Aurora Building. Participants engaged in in-depth discussions on cutting-edge topics such as export policy changes, trade model transformation, practical operations of processing manual applications, overseas market trading strategies, and LME RMB trading paths, jointly analyzing the new trends in the copper rod export market and exploring directions for the industry to break through. The successful hosting of the 2025 SMM Processing Trade Export Training Conference can be considered a milestone event in the development of the copper rod export industry! It is not only a "timely rain" for the industry under the dual pressures of policy turbulence and overcapacity but also a "lighthouse" guiding enterprises through the fog. In the severe situation of the cancellation of export tax rebates and the complex and ever-changing trade environment, this training conference is like a treasure trove of wisdom, deeply analyzing the underlying logic of policies and deconstructing the practical difficulties of processing trade, enabling enterprises to move from "policy confusion" to "precise response." By sharing practical strategies for overseas market trading and innovative paths for LME RMB trading, it has opened up new avenues for enterprises to reduce costs, increase efficiency, and enhance international competitiveness. This training conference brought together industry authoritative experts and practical elites, establishing an efficient platform for resource对接 and experience sharing, breaking the dilemma of enterprises working in isolation, and promoting协同破局 across the industry chain. It not only addressed urgent issues for enterprises such as processing manual applications and raw material supply chain optimization but also, with a forward-looking vision, guided enterprises to seize new opportunities in the restructuring of the global trade landscape, helping them achieve transformation and upgrading in the red ocean market of overcapacity and抢占国际市场先机. The successful hosting of this grand event will undoubtedly accelerate the copper rod industry's journey out of困境,迈向高质量发展的新征程,重塑行业竞争新格局! For more conference information and details about the 2025 SMM Processing Trade Export Training Conference, please contact: De'an Xu: 166-0190-0090

SMM Midday Review: Metals Nearly All Rose, LME Zinc and Aluminum, SHFE Copper Up Over 1%, Iron Ore Up Nearly 2%, SHFE Gold Down Over 3%. Domestic market base metals generally rose, with SHFE copper up 1.07%. SHFE zinc rose 0.79%. The ferrous metals series all rose, with iron ore up 1.89%, coking coal up 1.28%, and coke up 1.33%. As of 11:42, overseas market base metals all rose. LME tin rose 0.47%. LME aluminum rose 1.09%, and LME zinc rose 1.1%. COMEX gold fell 2.07%, and SHFE gold fell 3.51%. The US dollar index rose 0.34%, reporting 99.32.

【Live: Decoding Macro Economy, Forecasting Copper Price Trends and Trading Strategies, Exploring the Green Transformation Path of the Copper Industry Under the New Energy Wave】 ►76 Years of Striving and Progress, Learning from the Past to Build a Strong Nation: 76 Years of Development Achievements of China's Copper Industry ►Unpredictable Global Macro Economy, Outlook on Commodity Allocation ►Current Status and Trends of New Energy Vehicles ►Future Development Trends of the Global Copper Industry ►2025 Copper Price Trends and Outlook ►Development of Global Copper Smelting Processes and Digitalization Direction ►Current Status and High-Quality Development Trends of China's Copper Processing Industry ►Trading Strategies for the Current Landscape of China's Copper Industry

【Live: Decoding Macro Economy, Forecasting Copper Price Trends and Trading Strategies, Exploring the Green Transformation Path of the Copper Industry Under the New Energy Wave】 ►76 Years of Striving and Progress, Learning from the Past to Build a Strong Nation: 76 Years of Development Achievements of China's Copper Industry ►Unpredictable Global Macro Economy, Outlook on Commodity Allocation ►Current Status and Trends of New Energy Vehicles ►Future Development Trends of the Global Copper Industry ►2025 Copper Price Trends and Outlook ►Development of Global Copper Smelting Processes and Digitalization Direction ►Current Status and High-Quality Development Trends of China's Copper Processing Industry ►Trading Strategies for the Current Landscape of China's Copper Industry

【Copper】 On Friday, SHFE copper fell to 80,500 yuan/mt as positions were reduced, with spot copper prices adjusted to 80,605 yuan/mt. The spot discount in Shanghai narrowed to 5 yuan/mt, while the premium in Guangdong continued to shrink to 60 yuan/mt. The price difference between primary metal and scrap tightened further. The pullback is likely to be limited below the MA20 daily average line, around 80,000 yuan/mt. The market awaits the March PCE data in the evening. Midstream and downstream players priced on demand. 【Aluminum】 SHFE aluminum pulled back today, with spot discounts narrowing slightly. Social inventories of aluminum ingots and billets fell by 25,000 mt and 13,000 mt respectively compared to Monday, with destocking speed slightly faster than in previous years. The market expects consumption during the peak season, focusing on whether spot feedback can improve as inventories decline. Higher profits after a significant cost reduction require a larger deficit expectation. In the short term, SHFE aluminum continues to fluctuate, with support at the low point of the past month’s trading range of 20,500 yuan/mt. Alumina operating capacity fluctuates at historically high levels, and while the scale of production cuts and maintenance has expanded, it is difficult to reverse the long-term loose trend. Domestic and overseas spot prices remain under pressure, with the latest Australian transaction falling to around $370/dmt. As some northern alumina producers face cash cost losses, the decline in alumina may slow before ore prices loosen further, with limited rebound potential. Resistance is seen at the 20-day moving average and the middle Bollinger Band. 【Alumina】 Alumina operating capacity fluctuates at historically high levels, and while the scale of production cuts and maintenance has expanded, it is difficult to reverse the long-term loose trend. Domestic and overseas spot prices remain under pressure, with the latest Australian transaction falling to around $370/dmt. As some northern alumina producers face cash cost losses, the decline in alumina may slow before ore prices loosen further, with limited rebound potential. Resistance is seen at the 20-day moving average and the middle Bollinger Band. 【Zinc】 On April 2, the new round of US tariff policy weighed on consumption prospects, leading to weaker zinc prices. Mine profits remain as high as 6,000 yuan/mt, and the pace of resumption is progressing as scheduled. SMM reported that the average TC for domestic and imported ore in April rose by 350 yuan/mt and $5/dmt to 3,450 yuan/mt (metal content) and $40/dmt, respectively. Smelter profits improved further, and with no shortage of ore, zinc ingot supply is unlikely to be tight. The renovation of old and dangerous houses and urban villages in April partially offset the drag on consumption from the property sector. Home appliance production schedules are moderate, and producers are actively stockpiling for the peak season but expressed concerns about order declines after the rush to export ends. Consumption remains resilient but lacks incremental growth. SHFE zinc is still expected to fluctuate, with resistance at 24,250 yuan/mt. Trading strategies still favor shorting in line with the loosening logic of the ore side. 【Lead】 The market focused on the US tariff developments on April 2, with the possibility of additional tariffs on automobiles potentially negatively impacting lead prices. The spot import window remains closed, and domestic raw material supply remains tight. Scrap battery prices are relatively resilient, providing support on the cost side. As delivery supplies gradually enter the market, downstream purchase willingness is low at month-end, with weak demand in the off-season and high raw material costs. Small and medium-sized battery producers intend to cut production to control finished product inventories. SHFE lead is expected to fluctuate between 17,200-17,800 yuan/mt. 【Nickel and Stainless Steel】 SHFE nickel rebounded slightly, with active market trading. Jinchuan’s premium rebounded to 2,000 yuan/mt, while Russian nickel was at a discount of 25 yuan/mt, and electrodeposited nickel at a discount of 100 yuan/mt. High-grade NPI prices remain strong, with Indonesian ore still influencing raw material pricing, quoted at 1,027 yuan/mtu. NPI inventories stand at 23,000 mt, while refined nickel inventories fell by 1,900 mt to 47,000 mt, and stainless steel inventories declined slightly to 990,000 mt. After the price pullback, NPI remains the main support on the cost side, with strong short-term support estimated around 130,000 yuan/mt. Technically, SHFE nickel has not weakened yet, and the market awaits the maturity of shorting opportunities. 【Tin】 A 7.9-magnitude earthquake in Mandalay, Myanmar, briefly boosted tin prices and tin-related stocks, but the tin market gave back most of its gains in the afternoon. The epicenter was about 400-450 km from Wa State, with a deep focus, and the situation remains under observation. The ITA Tin Association emphasized supply losses, with current tightness in concentrate supply, and production schedules are being monitored. SHFE tin ingot inventories rose during the week. SHFE tin faces technical resistance at 285,000-287,000 yuan/mt, with the market sensitive to supply and also tracking demand. (Source: SDIC Futures)

【SMM Tin Midday Review: Myanmar Mining Area Resumption Issues Continue to Ferment, SHFE Tin Prices Fluctuate Rangebound】 This morning, the SHFE 2503 tin contract opened at 263,800 yuan/mt, quickly dropped to around 261,000 yuan/mt, and then fluctuated rangebound. By midday, the most-traded contract closed at 260,900 yuan/mt, down 90 yuan from the previous trading day. From the futures market, the balance of power between bulls and bears was even, and market sentiment was relatively cautious. With the uncertainty surrounding the resumption of production in Myanmar mining areas, investors adopted a conservative trading strategy, showing caution about the market's future direction. In terms of trading volume, it was basically flat compared to the previous trading day, indicating moderate market activity. Technically, the current price of the SHFE 2503 tin contract is located in a recent high-trading-volume area, facing resistance above while supported below. It is expected that from the afternoon to the night session, the contract will continue to maintain a sideways movement, with little chance of a significant unilateral trend. Investors should closely monitor market dynamics and changes in capital flows, managing position risks prudently. In summary, the SHFE 2503 tin contract showed stable performance by midday today, and it is expected to maintain a fluctuating trend in the near term. Investors are advised to remain cautious.

[SMM Analysis] Copper prices in COMEX, LME, and SHFE markets surged consecutively. With the "tariff turmoil" unresolved, COMEX gold repeatedly hit new highs, and copper prices followed suit. How should SHFE copper be traded amid these price changes?

[SMM Analysis: Refined Tin Production in February May Decline Further, Tin Inventory Experiences Buildup, Can Tin Prices Rise for Three Consecutive Months?] Due to the continued suspension of mining in Wa State and the persistently low levels of tin ore imports, the supply of raw materials remains tight. Tin inventory is at a relatively low level, and market expectations for favorable Chinese macro policies, coupled with the repeated disturbances caused by external macro sentiment, have resonated. As a result, tin prices have been rising on a monthly basis since December last year, with increases observed in both January and February this year.

[SMM Tin Midday Review: SHFE Tin Prices Remain Stable, Downstream Enterprises Show Low Purchasing Enthusiasm] In the morning, the price of the SHFE tin 2502 contract exhibited some fluctuations. At the opening, SHFE tin 2502 entered the market with a steady stance, maintaining prices at recent high levels. However, as trading progressed, market dynamics gradually emerged, and prices began to show slight fluctuations. During the first hour after the opening, the price of the SHFE tin 2502 contract remained stable, with relatively balanced forces between buyers and sellers, and no significant price changes were observed. Subsequently, influenced by some fundamental news and market sentiment, prices started to react. In the latter half of the morning, as market participants held differing expectations for the future trend of tin, trading activity gradually increased. Some investors, optimistic about the market outlook for tin, actively bought in, pushing prices slightly higher. However, there were also investors who remained cautious about the market and chose to sell when prices rose, which to some extent limited the price increase. Overall, the price trend of the SHFE tin 2502 contract in the morning was characterized by slight fluctuations, with the overall market performance remaining stable...