March production was broadly in line with expectations, increasing by 63,700 mt from February on a MoM basis to a record high.

[SMM Analysis: Limited Upside Potential for Copper Anode RCs Amidst Tight Supply, Short-Term Market Structure Unlikely to Change] In May 2025, domestic blister copper RCs in south China were quoted at 600-800 yuan/mt, with an average price of 700 yuan/mt, down 350 yuan/mt MoM. Domestic blister copper RCs in north China were quoted at 650-850 yuan/mt, with an average price of 750 yuan/mt, down 100 yuan/mt MoM...

Previously, the US implemented reciprocal tariffs, sparking market concerns that a potential disruption in trade chains could drag down economic growth and push up inflation. Risk assets were broadly sold off, and copper prices were not spared from the downturn. Subsequently, trade conflicts began to ease, and copper prices embarked on a path of recovery. However, it can be observed that SHFE copper faced significant resistance at the gap left by the sharp drop in early April, while support below was also strong, with futures prices fluctuating rangebound around the 78,000 yuan level. Why has SHFE copper been caught in a dilemma recently? Is there a possibility for futures prices to break out of the rangebound situation in the future? Uncertainty remains over the tariff grace period Recently, negotiations between the US and various countries have been underway. In particular, after the 90-day reciprocal tariffs between China and the US were reduced to 10%, the market briefly traded on the logic of easing tariff tensions. However, the progress of some negotiations has been slow. Recently, Trump's attitude shifted, and he again proposed imposing tariffs on the EU. The market is also concerned about the possibility of renewed trade frictions after the tariff grace period. The positive impact of the short-term tariff easing has largely been priced in, making it difficult to provide further support for market sentiment. In addition, to divert attention from domestic contradictions such as the massive scale of debt, it is difficult for the US to restore tariffs on other countries to pre-2024 levels, and concerns about the economic growth outlook cannot be easily allayed. Judging from the recently released US economic data, the impact of tariff disruptions has so far been limited. US inflation in April was lower than expected, and the monthly rate of retail sales rose by 0.1%, exceeding expectations. The Markit manufacturing and services PMIs for May also exceeded expectations. However, the issue of the US's high debt burden still persists, with a significant amount of US debt maturing in June. Recently, Trump's tax cut bill narrowly passed the House of Representatives, and the market continues to worry about the US's mounting debt. The impact of tariff increases on the economy also remains to be tracked. Mining-side processing fees remain at extremely low levels, and the supply side appears somewhat fragile Since last year, tight ore supply has been a major factor plaguing the copper market. However, except for the news in March this year that Tongling Nonferrous Metals Group would carry out production cuts and maintenance, the production of domestic smelters has largely not been constrained by tight ore supply and extremely low processing fees. Therefore, against the backdrop of steady to increasing production in the smelting sector, the issue of tight ore supply alone is unlikely to provide a substantial boost to copper prices. However, it cannot be overlooked that the current spot processing fees for domestic copper concentrates have fallen below -$40/dmt, and the annual and quarterly processing fees negotiated between domestic smelters and overseas miners are increasingly lower. Recently, the market has focused its attention on the mid-year negotiations between global copper mining giant Antofagasta and Chinese and Japanese smelters. Previously, sources revealed that due to tight copper concentrate supply, smelters may request a "zero-dollar" processing fee, or even a negative value, for the second half of 2025. If the rumors are true, the output of by-products such as sulphuric acid may not be sufficient to offset the losses, undoubtedly exacerbating the production pressure on domestic small and medium-sized smelters. Meanwhile, there have been more disruptions in overseas mining operations. Last Tuesday, Ivanhoe Mines announced that mining operations at its Kakula underground mine within the Kamoa-Kakula copper mining area in the Democratic Republic of Congo (DRC) had been temporarily suspended, primarily due to the impact of an earthquake. Its Phase I and II beneficiation plants continue to operate at low capacity using surface ore stockpiles, while operations at the Kamoa mine and Phase III beneficiation plant remain unaffected. Kamoa-Kakula is a world-class, large-scale, ultra-high-grade copper mine. The Phase I mine, with a capacity of 6 million mt/year, was constructed at Kakula, while Phase II utilizes existing facilities at the Kansoko mine to increase capacity to 12 million mt/year. In the evening of May 23, Zijin Mining, another major investor in the mine, also issued an announcement, stating that the earthquake is expected to adversely affect the achievement of the Kamoa-Kakula copper mine's annual planned production, with the specific extent of the impact requiring further assessment based on the investigation results. Overall, due to the faster expansion of global smelters, the copper ore supply tightness is relatively severe and is unlikely to ease significantly in the short term. Against the backdrop of strong bargaining power of miners, the copper concentrate TCs negotiated by smelters are becoming increasingly lower, with the possibility of approaching zero. In the early stage, smelters adjusted their operations through measures such as long-term contracts, supplementing with other raw materials, and offsetting profits with by-products such as sulphuric acid, maintaining overall stable production. Recently, during the concentrated maintenance period of the year, there are still few maintenance plans among domestic smelters, and there has been no significant production cut due to ore shortages. Going forward, attention should still be paid to the long-term contract levels of copper concentrate TCs negotiated between overseas miners and domestic smelters. Before the ore supply tightness can be transmitted to the smelting end, it will still be difficult to provide more upward momentum for copper prices. If smelters indeed undertake substantial production cuts, copper prices may experience a sharp increase. Social inventory of domestic copper cathode accumulates slightly, with expectations of weakening demand Recently, the performance of global copper visible inventories has been divergent. COMEX copper inventories have continued to rebound, rising from around 92,000 mt in early March to approximately 175,600 mt currently, reflecting the process of global copper flowing into the US amid expectations of a possible tariff hike on imported copper by the US. Correspondingly, LME copper inventories have been continuously pulling back, declining from around 260,000 mt in early March to approximately 164,700 mt currently, with a significant destocking amplitude. The current price spread between COMEX copper and LME copper remains at a relatively high level. Before the implementation of copper-related tariffs by the US, global copper will continue to flow into the US due to the existence of profits. Domestically, the traditional peak season of "Golden March, Silver April" has passed. Coupled with the rebound of copper prices from low levels, the downstream demand in the domestic copper market has weakened compared to the previous period, and the destocking of social inventories of copper cathode in China has halted. However, overall, the extent of inventory buildup has been very limited so far, and the inflow of domestic inventories has also been influenced by the outflow of exchange warrants and the inflow of inventories from bonded areas. From the downstream industry data released this month, the high-growth momentum of power grid investment continues, and the State Grid Corporation of China's annual record-high target is relatively certain. This aspect of demand will continue to support copper prices. According to data from the National Bureau of Statistics, automobile production continued to increase YoY, and industry prosperity persisted. However, in April, the production of refrigerators and air conditioners both pulled back, indicating a potential weakening in demand in this sector. Overall, during the moratorium period, global trade frictions have eased compared to the previous period, but uncertainties in negotiations still persist. Moreover, against the backdrop of deglobalization, market concerns about the economic outlook are difficult to completely dispel, and the suppression at the previous gap still exists. On the supply and demand side, concerns about tight ore supplies have lingered for a long time, and recent disruptions at the ore end have increased again, continuously consolidating the downward support for copper prices. Additionally, the siphon effect of the US has also made it difficult for copper inventories in other regions to accumulate significantly. However, the output of copper cathode remains stable, and there are expectations of a marginal weakening in demand. Therefore, a breakout from the current stalemate in SHFE copper prices may require more definitive changes to occur.

According to foreign media reports, global copper mining giant Antofagasta has initiated mid-year negotiations with smelters in China and Japan. Sources revealed that due to tight copper concentrate supply, smelters may request a "US$0" treatment charge (TC/RCs) for the second half of 2025. This unprecedented offer represents a 100% plunge from the 2024 benchmark price of US$80 per metric ton (mt) and could potentially turn negative. The sharp decline in copper concentrate TCs stems from the shutdown of First Quantum's Cobre Panama copper mine and a surge in China's smelting capacity, leading to a supply-demand imbalance. On May 16, the spot copper concentrate TC fell to a historic low of negative US$59.1/mt. Analysts believe that if the zero-TC scenario materializes, small and medium-sized smelters will face a survival crisis, while miners' bargaining power will further strengthen.

Recently, the copper market has shown stability, with copper prices continuing to fluctuate rangebound near the 5-day moving average.

》Check SMM metal quotes, data, and market analysis 》Subscribe to view historical price trends of SMM metal spot cargo On May 14, 2025: As of April 30, 2025, all companies have disclosed their 2024 annual reports. According to SMM statistics, a total of 19 publicly listed firms operate copper smelters. These 19 publicly listed firms are: Tongling Nonferrous Metals Group (000630), Jiangxi Copper Corporation (600362), Jinchuan Group International Resources Co., Ltd. (02362.hk), Daye Nonferrous Metals Group (00661.hk), Yunnan Copper (000878), Zijin Mining (601899), Yuguang Gold and Lead Group (600531), Western Mining Co., Ltd. (601168), Yunnan Tin Co., Ltd. (000960), Shandong Humon Smelting (002237), Zhongjin Gold (600489), Baiyin Nonferrous Group Co., Ltd. (601212), Ningbo Jintian Copper (601609), Huludao Zinc Industry Co., Ltd. (000751), North Copper (000737), Zhejiang Chifoo Holding Group Co., Ltd. (002266), Guangdong Feinan Resources Co., Ltd. (301500), Beijing GEEN Environment Engineering Co., Ltd. (603588), and Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. (000060). 2024 Production and 2025 Production Plans for Copper Cathode at Each Smelter According to annual report disclosures and SMM's understanding, the total copper cathode production of the aforementioned 19 copper smelters in 2024 was 10.5558 million mt, with an increase of 642,000 mt, up 6.5% YoY. Data from the National Bureau of Statistics (NBS) shows that the national production in 2024 was 13.644 million mt, with these 19 enterprises accounting for 77.37% of China's total copper cathode production. This figure increased by 1.04% compared to the same period last year. We expect that with the release of new capacity, industry concentration will increase again in the future. Regarding the specific situations of each smelter: Only 4 out of the 19 smelters experienced production cuts. Among them, Yunnan Copper had the largest decline, with a significant drop in production due to the relocation of its headquarters smelter. The largest increase was seen at Jiangxi Copper, with an annual copper cathode production of 2.2919 million mt, up 194,600 mt or 9.3% YoY in 2024, continuing to lead the copper industry. This was followed by North Copper, with a production increase of 178,800 mt compared to 2023, reaching 31.32 mt. Then came Jinchuan Group, with a production of 1.3272 million mt, an increase of 158,100 mt compared to 2023. In addition, based on their 2025 production plans, the total production in 2025 is expected to be 11.4028 million mt, an increase of 847,000 mt or 8%. According to SMM statistics, the new production from domestic smelters from January to May 2025 has already reached 536,400 mt, and it is highly probable that the annual increase of 847,000 mt will be achieved. In 2025, two smelters are expected to increase their production by more than 200,000 mt. Among them, the largest increase is expected to be from Yunnan Copper, with an increase of 254,000 mt, mainly due to the resumption of production after the relocation of the smelter and the commissioning of new smelters. Next is Jinchuan Group, which is expected to increase its production by 252,800 mt, thanks to the commissioning of a new smelter. In addition, due to the tight supply of copper concentrates, six smelters are expected to implement production cuts in 2025, two more than last year. Overall, although copper concentrate TCs hit a record low this year, it has not hindered the expansion pace of copper smelters.

In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the US presidential election concluded, the uncertainty of global trade policies will further increase, presenting new issues for international trade cooperation. In the geopolitical arena, 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 transfer 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 will further narrow. We expect that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. The Hubei Copper Industry Association/Daye Nonferrous Metals Group Holding Co., Ltd. will attend this conference in full force. We will keep pace with the times, aim for our goals, strive diligently, and move forward courageously! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. The Hubei Copper Industry Association was established in October 2024, initiated by Daye Nonferrous Metals Group Holding Co., Ltd., Hubei Aerospace Cable Co., Ltd., Hubei Nuode Lithium Battery Materials Co., Ltd., and Wuhan Second Wire & Cable Co., Ltd. It is a provincial, industrial, non-profit social organization registered and approved by the Hubei Provincial Department of Civil Affairs. The association currently has nearly 100 member units, covering major enterprises and institutions in the province engaged in copper exploration, mining, smelting, deep processing, end-use products, and industry chain services. The association is committed to building a platform for communication and cooperation between government departments, research institutions, universities, supply chain services, and copper enterprises, creating a professional, service-oriented, and academic exemplary industry association that is distinctive, vibrant, and satisfactory to members and the government, becoming a true "industry home" and "golden nanny" for member enterprises. The mission of the association is scale growth, product optimization, technological advancement, innovation enhancement, and green and low-carbon development. The vision of the association is a "billion-dollar aircraft carrier—Central China Copper Valley," and the values of the association are unity, collaboration, progress, and win-win. The association provides high-quality industrial and professional services to its members. Industrial services include industry chain docking, industry-university-research docking, industrial planning research, investment and financing services, transformation and upgrading, brand creation services, exhibition and exchange, scientific research and innovation, supply chain services, market information research, and policy and regulation interpretation. Professional services include inspection and testing, high-end talent cultivation, intellectual property services, technical support and transfer, high-end, intelligent, and green development, and enterprise diagnostic consulting. Since its establishment, the association has actively built a platform for enterprise communication and cooperation, helping member units achieve resource sharing and mutual benefit. It has actively provided suggestions to the government to solve practical difficulties for enterprises. It has actively communicated and cooperated with state-owned central enterprises and national key scientific research institutions to help enterprises develop new quality productive forces. It has actively established cooperative relationships with national industry associations and societies, continuously expanding the "circle of friends" and influence of the copper industry in our province. Daye Nonferrous Metals Group Holding Co., Ltd. (hereinafter referred to as "the company") is the largest domestic investment enterprise of the central enterprise China Nonferrous Metal Mining (Group) Co., Ltd., located in Huangshi, Hubei, which has a 3,000-year history of bronze culture. The company was founded in 1953 and was one of the 156 key projects during the first Five-Year Plan of New China. It has successively been under the jurisdiction of the Central South Nonferrous Metals Industry Administration, the National Heavy Industry Ministry, the Metallurgical Industry Ministry, the China Nonferrous Metals Industry Corporation, and Hubei Province. On January 21, 2011, China Nonferrous Metal Mining (Group) Co., Ltd. reorganized the company into an important domestic copper smelting base. After more than 70 years of construction and development, the company has grown into a state-owned large-scale copper industrial conglomerate integrating geological exploration, mining, mineral processing, smelting, and processing. It mainly owns 4 operating mines, 3 operating smelters, 1 copper processing enterprise, 1 "urban mining" dismantling and utilization enterprise, as well as supporting enterprises in scientific research, logistics, maintenance, and trade. Currently, it has an annual production capacity of 4.3 million mt of mining and mineral processing, 700,000 mt of blister copper, 1 million mt of copper cathode, 20 mt of gold, 1,000 mt of silver, 2.6 million mt of sulphuric acid, 240,000 mt of iron ore concentrates, and 300,000 mt of copper rod. The market share of its annual copper cathode production ranks among the top in the country. While focusing on strengthening and optimizing the domestic industry, the company adheres to an outward-looking perspective, actively expanding overseas business. Relying on the "going global" development strategy of its parent company, China Nonferrous Metal Mining (Group) Co., Ltd., and its own professional advantages, the company has established an engineering technology company and an overseas maintenance center, providing resource development, operation, and maintenance services and technical support for overseas Chinese enterprises in Central and Southern Africa, helping the development of overseas Chinese enterprises. The company is an innovative enterprise in Hubei Province, possessing a series of scientific and technological innovation platforms such as a national-level enterprise technology center, a postdoctoral research workstation, a national-level engineering practice education center, a nationally accredited laboratory, and a Class A research institute in the metallurgical industry, focusing on building new quality productive forces. The company currently has 1,876 management and technical personnel, including 732 with intermediate or higher professional titles, covering 15 fields such as metallurgy, mining, mineral processing, and machinery. It has obtained 342 national authorized patents, 158 various types of scientific and technological awards, and has presided over or participated in the drafting and revision of 170 international, national, and industry standards. It has successively won honorary titles such as "National Civilized Unit," "National Contract and Creditworthy Enterprise," "National May 1st Labor Certificate," "National Model Harmonious Labor Relations Enterprise," "National Excellent Enterprise in Employee Ideological and Political Work," and "National Excellent Unit in Enterprise Culture Construction." Looking to the future, the company will always adhere to the original intention of "contributing to the development of China's copper industry" and the mission of representing the "national team" in global competition. Guided by General Secretary Xi Jinping's three important instructions and the spirit of the 2.26 instruction to China Nonferrous Metal Mining (Group) Co., Ltd., the company will implement the "1+4" development strategy of China Nonferrous Metal Mining (Group) Co., Ltd., continuously strengthen scientific and technological innovation, optimize the industrial structure, deepen internal reforms, continuously enhance core competitiveness and core functions, and strive to build a first-class copper enterprise with distinct intelligent and green characteristics, contributing to China Nonferrous Metal Mining (Group) Co., Ltd.'s goal of becoming a world-class mining enterprise, and demonstrating the responsibility of a central enterprise in realizing Chinese-style modernization. SMM Conference Contact: Jie Ren, 18655033505, renjie@smm.cn.

In the upcoming year of 2025, we foresee that the global economy will face a series of complex and volatile challenges. With the US election settled, the uncertainty of global trade policies will further increase, bringing new topics to international trade cooperation. In the geopolitical arena, ongoing conflicts and tensions have not shown significant alleviation, which not only poses a threat to global security but also has a significant impact on resource allocation and industrial layout. Against this macro backdrop, industrial transfer and supply chain restructuring have become key topics that we must pay close attention to. 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 incentive measures, the space for copper cathode trade will further narrow. We expect that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Yingtan Dingchen Technology Co., Ltd. will attend this conference in full force. We will keep pace with the times, aim at our goals, strive diligently, and move forward with courage! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth number: C9. Φ8 low-oxygen bare bright, only high-quality copper rod. Yingtan Dingchen Technology Co., Ltd., located in the Bailu Science and Technology Park, High-tech Industrial Development Zone, Yingtan City, Jiangxi Province, is a specialized enterprise integrating R&D, production, processing, and sales of copper-based new materials. The main product is Φ8 bare bright copper rod, with an annual production capacity of 225,000 mt. The company has introduced the Shuhong 225,000 mt continuous casting and rolling production line, which is currently the most technologically mature production line in China, achieving continuous production of casting, hot rough rolling, and hot finish rolling, greatly improving production efficiency and energy utilization rate. The equipment adopts shaft furnace melting technology, which preheats the copper cathode plates in the furnace with rising hot air, significantly reducing thermal energy consumption compared to reverberatory furnaces, and is currently the most advanced melting technology in China. The shaft furnace, flow channel, and holding furnace combustion system adopt advanced computer control, automatically adjusting CO values and combustion efficiency, keeping energy consumption at the optimal state, with natural gas consumption significantly lower than the industry average. At the same time, the project adopts AC variable frequency drive technology, greatly reducing power consumption. The copper rod production line of this project has a high degree of automation, excellent equipment, high production efficiency, and stable product quality, with all indicators reaching the first-class level in China. It provides high-quality, high-value-added products to downstream enterprises such as power cables, enamelled wire, automotive wire, and communication cables, with a promising market prospect. The company has unique process technology, an experienced production team, and first-class detection equipment and capabilities in China, meeting the needs of different customers and creating value for them. In the wave of innovation, we stand at the forefront. The company currently has a total investment of 1 billion yuan, and the output value in 2024 has exceeded 10 billion yuan. Currently, we are at a critical stage of development, committed to expanding the market and creating first-class famous and high-quality products. To lead the industry, become a pioneer of innovation, and forge ahead with courage! Contact: Wang Huaqiang, 139 6170 8666. SMM Conference Contact: Li Chongshan, 17349754665, lichongshan@smm.cn.

In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the US presidential election concluded, 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 Invoice" 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 incentives such as tax subsidies, the space for copper cathode trade is expected to further narrow. We anticipate that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Ningbo Jinmai Zhiyuan Holding Co., Ltd. will make a splendid appearance at this conference. We will keep pace with the times, aim at our goals, strive diligently, and move forward with courage and determination! Click registration form to register for the conference immediately. We look forward to meeting you at the conference. Booth Number: D11 Ningbo Jinmai Zhiyuan Holding Co., Ltd. was founded in 2010 and is located in the CBD of Yinzhou Business Center in Ningbo—the Southern Business District. After years of development, it has become a comprehensive supplier integrating the import trade of non-ferrous metal raw materials, non-ferrous metal smelting, and supply chain management. The company has a large smelting and processing plant covering an area of 100 mu in Jiaxing, Zhejiang, and three smelting and sorting plants abroad, with a total investment exceeding 300 million RMB and an annual total sales volume exceeding 5 billion RMB. Contact Information Ms. Lü 15345859823 SMM Conference Contact Lin Jiazhi 15017566696 linjiazhi@smm.cn

In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the US election settled, the uncertainty of global trade policies will further increase, bringing new topics to international trade cooperation. In the geopolitical arena, ongoing conflicts and tensions show no significant alleviation, which not only poses threats to global security but also significantly impacts resource allocation and industrial layout. Against this macro backdrop, industrial transfer 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 rising, 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 incentive measures, the space for copper cathode trade will further narrow. We expect that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Jiaozuo Debang Technology Co., Ltd. will attend this conference in full force. We will synchronize with the times, aim at our goals, strive diligently, and move forward courageously! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth number: D38. For 25 years, Jiaozuo Debang Technology Co., Ltd., founded in 2001, has been committed to the R&D, production, and application of anti-wear products for mining equipment and belt conveyor supporting products. Currently, the company has advanced production lines for rubber, polyurethane, ceramics, and complete experimental testing equipment, capable of skillfully solving various anti-wear working condition problems by utilizing the wear-resistant advantages of different materials. The company's main products include: drum lagging, cleaners, skirting boards, impact beds, wear-resistant ceramic liners, ceramic rubber composite liners, etc., and can design different wear-resistant products and solutions according to customer needs. The products are exported to Australia, Canada, Russia, Europe, the US, Chile, Southeast Asia, and other countries and regions, and have occupied a certain market share domestically, winning customer praise for reliable quality over the years. "Honesty and innovation, pursuit of excellence" is the tenet we have always adhered to, and we look forward to friendly cooperation with friends from all walks of life. Contact: Qingyu Meng, 18939131899.