According to the investor relations activity record announced by Jintian Holdings on March 19 (March 10-12, 2026): 1. The Company’s 2025 earnings guidance and the reasons for the projected increase. Jintian Holdings replied: In 2025, the company implemented its “dual upgrade in products and clients” strategy, with product applications continuing to deepen in high-end fields; it stepped up expansion among clients outside China, and sales in markets outside China continued to grow; meanwhile, through digitalization initiatives, it improved operational and management efficiency, and the gross margin and profitability of its products improved YoY. The company expected net profit attributable to owners of the parent for 2025 to reach 700 million yuan to 800 million yuan, up 51.50%-73.14% YoY from the same period last year. 2. Progress of the company’s share repurchase. Jintian Holdings replied: From February 3, 2026 to February 28, 2026, the company had cumulatively repurchased 4,942,200 shares through centralized bidding, accounting for 0.29% of its current total share capital, with total funds paid of 56,676,944 yuan (excluding transaction costs). 3. The company’s industry position and competitive advantages. Jintian Holdings replied: The company had focused on the copper processing industry for 39 years and was one of the largest enterprises in China by scale and with the most complete industry chain. In 2024, the company achieved total production of 1.9162 million mt of copper and copper alloy materials, and its total production of copper semis ranked first globally. The company offered a wide range of copper products and could meet clients’ one-stop procurement needs for multiple categories of copper semis, including rods, tubes, plates and strips, and wires. Its copper products had been widely used in NEV, clean energy, communications technology, electrical power and equipment, chips and semiconductors, and other fields. At present, the company had developed a profound cultural heritage and outstanding organizational capability, with a significant market scale position and a global industrial footprint; it possessed leading manufacturing and R&D capabilities; it had built a specialized product matrix and formed a stable base of top-tier industry clients; and it had also established forward-looking green recycling technology barriers, laying a solid foundation for becoming a world-class base for copper products and advanced materials. 4. The capacity and business performance of the company’s rare earth permanent magnet products. Jintian Holdings replied: The company had entered the magnetic materials business in 2001. After more than 20 years of dedicated development, it had become one of the enterprises in China’s peer industry with relatively advanced technology and a well-developed product system. At present, the company had two magnetic material production sites in Ningbo and Baotou. Phase I of the Baotou site had commenced production, and the company’s annual capacity of rare earth permanent magnet materials had increased to 9,000 mt. The company was actively advancing the Phase II project at the Baotou site to further increase capacity to 13,000 mt. At the same time, through its newly established German subsidiary, the company accelerated its international expansion and increased its share in overseas markets. The company was among the first batch of enterprises to obtain a general export license for rare earth permanent magnet products, and it has continued to strengthen and advance export-related business. The company’s rare earth permanent magnet products are widely used in multiple high-end fields, including NEVs, wind power generation, high-efficiency energy-saving motors, robotics, consumer electronics, and medical devices. 5. The Company’s Business Development in the Chip Computing Power Sector. Jintian Co., Ltd. responded: With its outstanding electrical and thermal conductivity, copper has become a core material for advanced AI industry chip interconnects and heat dissipation in computing power facilities, and the transition of copper-based materials toward high value-added products has further accelerated. The company has a solid client base and technical reserves in the chip computing power sector, and it is also among the first companies globally to achieve large-scale supply of copper-based materials to leading enterprises in the above fields. Among them, the company’s high-precision special-shaped oxygen-free copper busbar products have been applied in multiple top-tier GPU cooling solutions of several global first-tier thermal module enterprises. Products independently developed by the company, such as copper heat pipes and liquid-cooling copper pipe & tube, have been supplied in batches for computing power server products of multiple top-tier enterprises. The company will closely monitor and follow market demand in the chip computing power sector, further improve its product portfolio, and enhance the competitive advantages of its products. 6. The Company’s Position Advantages and Business Achievements in the Secondary Copper Sector. Jintian Co., Ltd. responded: The company has continuously innovated new pathways for the green development of copper-based high-tech materials and has become one of the enterprises in China with the largest utilization of secondary copper and the highest comprehensive utilization rate. It is also one of the few companies in the global industry to achieve a closed-loop entire industry chain covering secondary copper recycling, purification, and deep processing. The company’s independently developed low-carbon secondary copper products significantly reduce carbon emissions while ensuring product performance, enabling it to provide downstream clients across the industry chain with high-quality, comprehensive one-stop green solutions for copper semis. In H1 2025, sales of the company’s green, high-end, low-carbon secondary copper products increased 61% YoY. Its product matrix now covers copper strip, copper wire, magnet wire, copper pipe & tube, copper busbar, copper billet, and more, and has been applied in fields such as high-end consumer electronics, the automotive industry, and electrical equipment. Specific applications include laptop cooling modules, mobile phone vibration motors, NEV power battery connections, and AC/DC power supplies. The products have achieved mass production in the products of multiple world-renowned clients, forming a new performance growth driver represented by “green low-carbon secondary copper products.” An investor asked on the investor interaction platform: Have the company’s copper billet products now become core supplies for top-tier enterprises such as DJI Innovation or EHang Intelligent?With the boom in the low-altitude economy’s payload flight market, have the company’s PEEK materials or high-strength copper alloys developed for drone motor bearings and airframe structural components seen explosive growth in orders? On March 19, Jintian Co., Ltd. stated on the investor interaction platform that the company had a solid client base and technical reserves in the low-altitude economy field. Among its products, high-precision free-cutting copper billet, with excellent properties such as high strength and wear resistance, had already been applied in airborne structural components of low-altitude aircraft. The company’s PEEK material products provide high-voltage drive stability technical solutions for the low-altitude economy’s payload flight market, and it had already carried out R&D cooperation with multiple top-tier enterprises in China. The company will closely monitor and follow market demand in the low-altitude economy field, further improve its product portfolio, and enhance its product competitive advantages. For specific related information, please refer to periodic reports. An investor asked on the investor interaction platform: Hello, Board Secretary. Recently, LME copper prices have risen sharply. Under the company’s strictly implemented hedging strategy, did this generate positive gains from closing positions during the reporting period, or was there a slight loss? Approximately how much was the amount? In addition, as the company’s revenue scale expanded, how well did net operating cash flow match net profit in 2025? Was there any cash flow strain caused by prepayments for raw material procurement? On March 19, Jintian Co., Ltd. stated on the investor interaction platform that the company’s copper processing products adopted a pricing model of “raw material prices + processing fee” and carried out hedging operations in strict accordance with the Hedging Management System to reduce the impact of raw material price fluctuations on the company’s net profit. At present, fluctuations in copper prices had a relatively small impact on the company’s operating performance. For specific related information, please refer to periodic reports. On March 18, when responding to investor questions on the interaction platform, Jintian Co., Ltd. stated that the company had continued to expand its technological leadership in high-voltage electromagnetic flat wire and had further advanced cooperation on new energy high-voltage electromagnetic flat wire projects with world-class OEMs and motor suppliers. As of H1 2025, the company had secured 23 new nominations for its 800V high-voltage platform for new energy drive motors, and had already achieved bulk supply for multiple projects, with the shipment share of high-voltage flat wire continuing to increase. For specific related information, please refer to periodic reports. On March 17, when responding to investor questions on the interaction platform, Jintian Co., Ltd. stated that, with its outstanding electrical and thermal conductivity, copper had become a core material for chip interconnection in the advanced AI industry and heat dissipation in computing power facilities. The company had a solid client base and technical reserves in the AI computing power field. Among its products, the company’s high-precision shaped oxygen-free copper busbar products had already been applied in multiple top-tier GPU cooling solutions of several first-tier thermal module enterprises worldwide. The company will closely monitor and follow market demand in the AI computing power sector, further improve its product portfolio, and enhance its competitive edge. For specific information, please refer to the periodic reports. On March 17, Jintian Co., Ltd. said in response to investor questions on an interactive platform that the company continued to expand its technological leadership in the high-voltage electromagnetic flat wire industry, with both the number of designated projects on high-voltage platforms and shipment volume continuing to grow. Among them, the company's 1,000V flat wire products for drive motors have become an industry benchmark as supporting materials for "megawatt flash charging" technology in the NEV sector, while client-related certification for 1,200V flat wire for drive motors was also progressing in an orderly manner. In addition, the company had a solid client base and sound technical reserves in the chip and semiconductor sector. The company will closely monitor and follow market demand in the chip and semiconductor sector, further improve its product portfolio, and enhance its competitive edge. For specific information, please refer to the periodic reports. On March 17, Jintian Co., Ltd. said in response to investor questions on an interactive platform that the company remained committed to advancing its internationalization strategy, and construction of its newly built Thailand production site was progressing smoothly. The company's copper semis products exported outside China had an overall relatively high gross margin. In H1 2025, revenue from its principal operations outside China was up 21.86% YoY and continued to maintain a solid growth trend. The steady growth of business outside China laid a solid foundation for the company to deepen the upgrading of its global product and client mix. For specific information, please refer to the periodic reports. Jintian Co., Ltd.'s 2025 earnings forecast showed that, based on preliminary estimates by its finance department, the company expected net profit attributable to owners of the parent for 2025 to reach 700 million to 800 million yuan, representing an increase of 237.9574 million to 337.9574 million yuan from the same period last year (statutorily disclosed data), up 51.50% to 73.14% YoY. Net profit attributable to owners of the parent excluding non-recurring gains and losses for 2025 was expected to reach 440 million to 528 million yuan, representing an increase of 101.4004 million to 189.4004 million yuan from the same period last year (statutorily disclosed data), up 29.95% to 55.94% YoY. Regarding the main reasons for the expected increase in results for the period, Jintian Co., Ltd. stated: In 2025, the company implemented its "dual upgrade of products and clients" strategy, with product applications in high-end fields continuing to deepen; it stepped up expansion among clients outside China, and sales in markets outside China continued to grow; meanwhile, through digitalization initiatives, it improved operating and management efficiency, and its product gross margin level and profitability improved YoY. On January 23, Jintian Co., Ltd. said in response to investor questions on an interactive platform that Phase I of its Baotou base had been put into operation, and the annual capacity of rare earth permanent magnets had been increased to 9,000 mt. The company is currently actively advancing Phase II of the Baotou base project, with the aim of further increasing capacity to 13,000 mt. The company has a solid client base and technical reserves in the robotics field, and some rare earth permanent magnets have already been applied in the robotics sector. The company will closely monitor and follow market demand in the robotics field, further improve its product portfolio, and enhance its product competitiveness. A performance preview commentary on Jintian Co., Ltd. for 2025 released by Aijian Securities showed that the share repurchase demonstrated confidence in long-term development, while capital structure optimization was advancing steadily. The company’s high-end copper-based materials were being introduced at an accelerated pace to clients outside China in the computing power cooling sector, with sales rising rapidly and profitability improving significantly. 1) In terms of profitability, processing fees for copper busbar used in computing power are relatively high, and product mix upgrades are expected to continue lifting the company’s gross margin level; 2) In terms of shipment progress, in H1 2025, sales of the company’s copper busbar products in the cooling sector increased 72% YoY, and its high-precision profiled oxygen-free copper busbar has entered GPU cooling solutions of multiple global first-tier cooling module enterprises. The company’s copper heat pipes, liquid-cooling copper pipe & tube, and other products have also achieved bulk supply in computing servers of multiple top-tier enterprises. Copper prices fluctuations had a limited impact on the company’s profitability. 1) The company adopts a “copper prices + processing fee” pricing model, with revenue and profit primarily derived from processing fees rather than copper prices themselves. Processing fees are negotiated between the company and clients based on factors such as product specifications and process complexity, and show a certain degree of historical stickiness; 2) The company effectively hedges copper prices through hedging, while fluctuations in upstream raw material prices are mainly borne by downstream customers, resulting in a relatively small impact on the company’s profit; 3) Rapid copper prices fluctuations may affect downstream ordering willingness in phases and lengthen order cycles, but copper application scenarios are characterized by rigid demand, so the impact on total demand is limited, only changing the pace of copper product orders, and the company’s overall operating stability remains strong. The company is actively expanding into the “aluminum as an substitute for copper” direction, with material substitution optimizing the gross profit structure while enhancing its ability to hedge against copper prices fluctuations. 1) On a per-mt basis, the absolute value of processing fees for aluminum products is usually lower than that of copper-based solutions (at the same performance level, processing fees for high-precision aluminum extrusion are about 10,000 yuan/mt, versus about 20,000 yuan/mt for copper semis); however, since the per-mt price of aluminum semis is significantly lower than that of copper, usually about one-fourth of the latter, the material cost base is lower, increasing the share of processing fees in total product value. The corresponding processing fee rate of aluminum-based solutions is about 13–14 pct higher than that of copper-based solutions, providing positive support to the company’s overall gross margin; 2) In terms of supply progress, the company’s electromagnetic flat aluminum wire and aluminum 3D bent busbars for vehicles have entered the certification and mass supply stage, while inner-grooved aluminum pipe & tube for air conditioners has already begun small-batch supply. Risk Warning: Risks of lower-than-expected downstream demand for new energy or capacity release, rising copper prices, and changes in trade policies outside China.

According to data from China’s General Administration of Customs, China imported 316,000 tonnes of unwrought copper and copper products in February 2026. For the January–February period, cumulative imports of unwrought copper and copper products reached 700,000 tonnes, down 16.1% year-on-year, compared with 834,000 tonnes imported during the same period last year.

As a crucial strategic cluster for China's wire and cable industry, North China has cultivated a 100-billion-level industry chain ecosystem by leveraging its robust industrial foundation and policy dividends. However, compared to mature industrial belts like the Yangtze River Delta and Pearl River Delta, it still faces challenges such as insufficient coordination and room for improving innovation efficiency. Against this backdrop, SMM (Shanghai Metals Market) will host the 2025 SMM (First) North China Wire and Cable IndustryZ3/> in Ningjin, Hebei on August 8, 2025 , under the theme of " Gathering Strength in North China · Chaining the Future ". The event will convene enterprises across the entire industry chain including wire and cable, magnet wire, copper/aluminum conductors, and material equipment to jointly explore new development pathwaysZ10/>The conference focuses on three strategic directions: " Industry Chain Synergy · Mutual Benefits in the North ", " Smart Chain Integration · Green Energy Transformation ", and " Strategic Chain Collaboration · Global Competition-Cooperation " , aiming to promote resource integration, technological upgrading, and ecological co-construction for North China's wire and cable sector. Leveraging over a decade of industry expertise, SMM will establish a high-end communication platform to help enterprises seize market opportunities, enhance industry chain resilience, and inject new momentum into the high-quality development of North China's and even the nation's wire and cable industry. SMM, together with Tianjin Xinhong Recycling Resources Co., Ltd. & Jiangxi Baoqi New Materials Technology Co., Ltd. & Jiangxi Xindehai New Materials Technology Co., Ltd. , sincerely invites industry peers to gather in Ningjin, Hebei, and jointly embark on a new chapter for the industry! Click Registration Form to register immediately. We look forward to meeting you at the conference. Tianjin Xinhong Recycling Resources Co., Ltd. , located in Ziya Circular Economy Industrial Park, Jinghai District, Tianjin, specializes in recycling of renewable resources, non-ferrous metal rolling processing, and metal products manufacturing. The company operates a 50,000-mt/year continuous casting and rolling production line for electrical copper rods. Since its establishment, it has adhered to innovation-driven development, introduced advanced domestic and overseas production equipment and technologies following the principles of innovation, efficiency, quality, and safety. Guided by the philosophy of "Quality First, Service First", the company focuses on product excellence and customer collaboration to jointly create high-quality products. Jiangxi Baoqi New Materials Technology Co., Ltd. , situated at No. 286, Shenzhen Avenue, Jinggangshan Economic and Technological Development Zone, Ji'an City, Jiangxi Province, specializes in secondary copper recycling, non-ferrous metal rolling, and metal products manufacturing. Its main products include 8mm low-oxygen copper rods and 8mm-25mm upward-drawn oxygen-free copper rods. The company has a complete and scientific quality management system certification. Established in April 2022, the company has a registered capital of 50 million yuan and occupies an area of over 40 mu. It currently operates four production lines for oxygen-free rods using up-casting furnaces and one production line for low-oxygen rods using continuous casting and rolling. The annual production capacity includes 32,000 mt of up-cast oxygen-free copper rods and 50,000 mt of 8mm low-oxygen copper rods. Our company boasts advanced production equipment and mature production technology, offering top-notch pre-sales quality and after-sales service. Since its establishment, the company has adhered to innovation-driven development, introducing advanced production equipment and processes from domestic and overseas markets in line with the requirements of innovation, efficiency, quality, and safety. Upholding the principles of quality first and service first, the company focuses on products as its core and customers as its bridge, striving to collaborate with you to create high-quality and high-standard products. Guided by the quality policy of "integrity-based, customer-first, united and pragmatic, quality and innovative," the company's eternal business philosophy is "copper products, golden reputation," with the eternal pursuit of a "win-win" outcome with customers. We sincerely hope to collaborate with you for mutual development and a brighter future. Jiangxi Xindehai New Material Technology Co., Ltd. , located in the Industrial Park, Jintan Town, Jishui County, Ji'an City, Jiangxi Province, was established in July 2024 with a registered capital of 50 million yuan and occupies an area of over 70 mu. The up-cast oxygen-free copper rod production line was commissioned and put into operation in October 2024, with an annual production capacity of 40,000 mt of up-cast oxygen-free copper rods. The company is currently preparing to construct production lines for copper-based projects such as continuous casting and rolling low-oxygen copper rods and anode plates, as well as aluminum-based product production lines for aluminum ingots, aluminum billets, and deoxidized aluminum. These projects are expected to be put into production successively in 2025. Upon full commissioning, the company will achieve an annual production capacity of 150,000 mt of copper-based products and 50,000 mt of aluminum-based products. Guided by the quality policy of "integrity-based, customer-first, united and pragmatic, quality and innovative," the company's eternal business philosophy is "copper products, golden reputation," with the eternal pursuit of a "win-win" outcome with customers. We sincerely hope to collaborate with you for mutual development and a brighter future. ◆ Contact Information ◆ Tianjin Xinhong Renewable Resources Co., Ltd. Sales Department: Liu Runliang, 177 2012 3999 Procurement Department: Cai Rujian, 138 2041 6617 Jiangxi Baoqi New Material Technology Co., Ltd. Cui Deliang, 177 7781 3383 Zeng Xiaoqiang, 137 6712 8719 Jiangxi Xindehai New Material Technology Co., Ltd. Liu Runliang, 177 2012 3999 Click here to participate immediately 2025 SMM (Inaugural) North China Cable Industry Conference SMM Conference Contact Person Li Haiyang 135 2411 0203 lihaiyang@smm.cn

At the 2025 SMM (2nd) Global Renewable Metal Industry Chain Summit - Main Forum hosted by SMM Information & Technology Co., Ltd., Allen Cui, Director of SMM Nonferrous Consulting, shared insights on the topic of "Prospects for the Development of the Global Secondary Metal Industry."

1. Procurement Conditions The purchaser of this procurement project, Copper Bushing Spare Parts Procurement by Angang Green Resources Technology Co., Ltd. (AGLSZYHGXHD250612217058), is Angang Green Resources Technology Co., Ltd. The funds for this procurement project are self-raised. The project has met the procurement conditions and is now open for public inquiry and comparison. 2. Project Overview and Procurement Scope 2.1 Project Name: Copper Bushing Spare Parts Procurement by Angang Green Resources Technology Co., Ltd. 2.2 Alternative Procurement Method in Case of Failed Procurement: Switch to Negotiated Procurement 2.3 For details on the procurement content, scope, and scale of this project, please refer to the attachment "Material List Attachment.pdf". 3. Bidder Qualification Requirements 3.1 Consortium bidding is not allowed for this procurement. 3.2 For this procurement, the bidder must meet the following qualification requirements: (1) Production-oriented business license 3.3 For this procurement, the bidder must meet the following registered capital requirements: Registered capital for production-oriented enterprises: 100,000 yuan or above 3.4 For this procurement, the bidder must meet the following performance requirements: Provide supply performance records for processing copper product spare parts from 2022 to the present (at least one contract and corresponding invoice required); 3.5 For this procurement, the bidder must meet the following capability, financial, and other requirements: Financial requirements: Refer to the attachment for details (if necessary) Capability requirements: Refer to the attachment for details (if necessary) Other requirements: Scanned copy of the Tax Registration Certificate (or duplicate) (except for those with a unified three-in-one certificate); scanned copy of the Organization Code Certificate (or duplicate) (except for those with a unified three-in-one certificate). 3.6 For projects that must be tendered according to the law, bids from dishonest persons subject to enforcement are invalid for this procurement. 4. Acquisition of Procurement Documents 4.1 All interested bidders are requested to log in to the Angang Smart Tendering and Bidding Platform at http://bid.ansteel.cn from 16:59 on June 12, 2025, to 08:00 on June 20, 2025 (Beijing time, the same hereinafter) to download the electronic procurement documents. Click to view tender details: "Announcement on Copper Bushing Spare Parts Procurement by Angang Green Resources Technology Co., Ltd."

SMM May 13 Report: As May blossoms with flowers and summer begins to unfold, Jiangxi Xindehai New Material Technology Co., Ltd. recently held a grand opening ceremony. The event was attended by a distinguished gathering of guests, with hosts and visitors alike enjoying the occasion! SMM Information & Technology Co., Ltd. (SMM) extends its warmest congratulations to Jiangxi Xindehai New Material Technology Co., Ltd. on its grand opening! May your business prosper and thrive! May you achieve even greater success in your future endeavors! And may you contribute to the prosperity of the new materials industry! Jiangxi Xindehai New Material Technology Co., Ltd. Jiangxi Xindehai New Material Technology Co., Ltd. is located in the Industrial Park of Jintan Town, Jishui County, Ji'an City, Jiangxi Province. The company was established in July 2024 with a registered capital of 50 million yuan and occupies an area of over 70 mu. The upward-casting oxygen-free copper rod production line has completed commissioning and commenced production in October 2024, with an annual production capacity of 40,000 mt of upward-casting oxygen-free copper rod. The company is currently planning to construct production lines for copper-based projects such as continuous casting and rolling low-oxygen copper rod and anode plates, as well as aluminum product production lines for aluminum ingots, aluminum billets, and deoxidized aluminum. Production is expected to commence in stages in 2025. Upon full operation, the company will achieve an annual production capacity of 150,000 mt of copper-based products and 50,000 mt of aluminum products. The company adheres to the quality policy of "integrity-based, customer first, unity and hard work, quality and innovation" as its guiding principle. "Copper products, gold-standard reputation" is the company's unwavering business philosophy, and achieving a "win-win" situation with customers is its eternal pursuit. The company sincerely hopes to join hands with you for mutual development and a brighter future.

Since the global consensus on green and low-carbon development was reached, the strategic position of the secondary metal industry has become increasingly prominent. With the accelerated advancement of industrialization, the demand for metal resources has continued to grow. As a green, environmentally friendly, and economically viable alternative resource, secondary metals have become a global focus. In recent years, Southeast Asia has emerged as a significant global hub for the collection, distribution, and processing of secondary resources. Meanwhile, with the deepening internationalization of industries such as new energy vehicles (NEVs), processing enterprises in the secondary copper, secondary aluminum, and battery industries, which are part of the material supply chain, have chosen to establish factories in Southeast Asian countries like Thailand to expand overseas resources and enhance global competitiveness. Thailand, as a key economy in Southeast Asia, boasts a relatively mature resource recycling system and a favorable geographical location, providing convenient conditions for regional collaboration and international trade in the secondary metal industry. It has now developed into a global industrial base for the recycling, sorting, and reprocessing of secondary metals such as secondary aluminum and secondary copper, annually exporting substantial amounts of secondary metal resources to China and other countries. Additionally, Thailand's manufacturing sector is thriving, with annual expansions in areas such as automotive manufacturing and electronics and electrical appliances, providing strong demand support for the secondary metal resource industry. From June 24-25, 2024, the 1st SMM Global Secondary Metal Industry Forum was held in Malaysia. The event brought together recycling associations, government officials, and renowned enterprises from various regions to discuss the current state and future development of the secondary metal industry. From 2024 to 2025, with the continuous updating of secondary metal policies and the rapid development of the industry, SMM Information & Technology Co., Ltd. plans to hold the 2025 SMM 2nd Global Secondary Metal Industry Chain Summit Forum in Thailand from June 12-13, 2025, to assist enterprises in navigating the changes in the secondary metal industry, comply with industry standardization requirements, and provide a platform for business exchanges. The summit aims to gather associations, leading enterprises, research institutions, industry experts, and policymakers from the global secondary metal sector to jointly explore new trends, technologies, and policies in the development of the secondary metal industry. It will establish an international platform for exchange, cooperation, resource sharing, and collaborative innovation, contributing to the construction and improvement of the global resource recycling system and the realization of a global green economic transition. At this year's conference, Shandong Xinze Copper Industry Co., Ltd. will make a grand appearance. Along with upstream and downstream colleagues in the secondary metal industry, they will engage in in-depth discussions on the pain points and challenges facing the industry, jointly explore business opportunities for win-win cooperation, and discuss ways to promote high-quality development in the industry. Click on the registration form to register for the conference immediately. The voice of low-carbon development resonates globally. See you in Bangkok! Founded in April 2010, it is located in the northern part of the Coal Chemical Industry Park in Shanxian Economic and Technological Development Zone, with a registered capital of 280 million yuan. In July 2024, Shandong Yuantong Industrial Development Group successfully acquired all the equity of Shandong Xinze Copper Industry Co., Ltd. through the Shandong Provincial Property Rights Exchange Center. Xinze Copper Industry's main business is the R&D, production, and sales of copper semis, the dismantling of used home appliances, electronic products, wires, and cables, and it has a self-operated export business. Its existing projects include a 200,000 mt/year recycled copper recycling project and an 110,000 mt/year low-oxygen copper rod (anode plate, copper busbar) project. Its main products include copper cathode, anode plates, oxygen-free copper rods, low-oxygen copper rods, copper busbars, etc. {{This part is a repetition of the previous English text, which should be omitted in the actual translation. However, for the sake of format consistency, it is presented here as follows:}} Established in April 2010, it is located in the northern part of the Coal Chemical Industry Park in Shanxian Economic and Technological Development Zone, with a registered capital of 280 million yuan. In July 2024, Shandong Yuantong Industrial Development Group successfully acquired all the equity of Shandong Xinze Copper Industry Co., Ltd. through the Shandong Provincial Property Rights Exchange Center. {{This part is a repetition of the previous English text, which should be omitted in the actual translation. However, for the sake of format consistency, it is presented here as follows:}} Xinze Copper Industry's main business is the R&D, production, and sales of copper products, the dismantling of used household appliances and electronic products as well as wires and cables, and it has self-operated import and export business. The current projects include a 200,000-ton annual production capacity of recycled copper recycling project and a 110,000-ton annual production capacity of low-oxygen copper rods (anode plates, copper bars) project. The main products include electrolytic copper, anode plates, oxygen-free copper rods, low-oxygen copper rods, copper bars, etc. Contact Information 0530-7036689 xinzetongye@126.com Northern Part of the Coal Chemical Industry Park, Shanxian Economic and Technological Development Zone Long press to scan the QR code and register immediately 2025 SMM (2nd) Global Recycled Metals Industry Summit

2025 (Phase IV) SMM Southeast Asia Industry Field Trip Amidst the ever-changing global economic landscape, manufacturing enterprises worldwide are facing unprecedented challenges. The macroeconomic environment remains volatile, with frequent geopolitical conflicts and rising trade protectionism, leading to sharp fluctuations in industrial material prices and making cost control difficult. The domestic market is experiencing intense competition, with significant overcapacity issues. Enterprises are struggling to survive amid cut-throat competition, with profit margins continuously being squeezed. Meanwhile, the Southeast Asian market is emerging as a rising star, brimming with potential. Its rapid economic growth and accelerated urbanization process, coupled with increasing investments in infrastructure, power engineering, and other sectors, have significantly stimulated demand for industrial products. Southeast Asia's abundant mineral resources also provide a solid raw material foundation for the development of the local manufacturing industry. Additionally, favorable local policies and significant labor cost advantages are attracting global capital and enterprises to establish a presence in the region. To help manufacturing enterprises seize the opportunities of the times and break through development bottlenecks, SMM Information & Technology Co., Ltd. (SMM) has meticulously organized the 2025 (Phase IV) SMM Southeast Asia Industry Field Trip . This field trip will delve deep into Southeast Asia, facilitating face-to-face exchanges with local high-quality enterprises, industrial parks, and industry associations. It will involve on-site visits to enterprises within the industry chain, enabling enterprises to gain a deeper understanding of Southeast Asia's industrial landscape, market dynamics, policies and regulations, as well as the investment environment. The aim is to build a bridge for enterprises to access the Southeast Asian market, explore cooperation opportunities, expand new business territories, tap into new growth momentum for industry development in this vibrant region, and achieve enterprise transformation, upgrading, and leapfrog development. Itinerary Visited Entities 1. Thai-Chinese Rayong Industrial Zone The Thai-Chinese Rayong Industrial Zone is a modern industrial zone developed jointly by China's Holley Group and Thailand's Amata Corporation in Thailand, targeting Chinese investors. With a total planned area of 20 km², it is located in the core area of Thailand's Eastern Economic Corridor. A large number of outstanding enterprises have already settled in the zone (including Zhejiang Zhongce, Zhejiang DunAn, Shenzhen CIMC, Jiangsu Dingsheng, AUX, and Dejinchang, among others). As a highly representative industrial zone in Thailand, we will engage in discussions with zone staff on topics such as the zone's basic information, the operational status of settled enterprises, and investment attraction policies. 2. Dejinchang Optoelectronics Technology (Thailand) Co., Ltd. It is the first overseas branch factory invested by Zhenxiong Copper Group. Established in March 2007 and officially put into operation the same year, it is located in the Amata Thai-Chinese Rayong Industrial Zone, covering an area of approximately 100,000 m² with a building area of about 48,000 m². Its registered capital is 460 million Thai baht, and the total investment is 3 billion Thai baht. The company is primarily engaged in the development and production of new materials for deep processing of various copper conductors (various copper wires). Its main products are copper wires, ranging from copper cathode to various types of copper wires, including bare copper wires, tinned wires, silver-plated wires, nickel-plated wires, alloy wires, as well as various specifications of single wires, stranded wires, and twisted wires. As a typical representative of copper wire drawing enterprises going global, we will exchange experiences and insights with Dejinchang on settling down, taking root, and developing in Southeast Asia, and seek business cooperation opportunities. 3. XINYA ELECTRONIC (THAILAND) CO., LTD The main businesses of Xinya Electronics and its series of subsidiaries include the R&D, manufacturing, and sales of consumer electronics and industrial control cables, automotive cables, communication cables and data cables, new energy series cables and components, etc. The company's end-user clients include well-known domestic and overseas brands such as Hisense, Gree, Midea, Daikin, Canon, Panasonic, Great Wall Motors, General Motors, BYD, NIO, Inspur, Huawei, Dell, HP, ZTE, CHINT, LONGi Group, Hengyineng, East, KUKA, and YASKAWA. We will head to this world-renowned electronic wire manufacturing enterprise. Please look forward to the spark of ideas and business opportunities that will emerge on-site. 4. C&D Inc. Xiamen C&D Inc. (stock code: 600153.SH) is a core member enterprise of Xiamen C&D Group Co., Ltd., a "Fortune Global 500" company. It is a modern service-oriented enterprise with dual main businesses of supply chain operations and real estate development. The company's business began in 1980 and was established and listed on the Shanghai Stock Exchange in June 1998, initiated by Xiamen C&D Group Co., Ltd. In 2024, the company achieved operating revenue of RMB 701.296 billion and after-tax net profit of RMB 5.82 billion. As a supply chain company, C&D Inc. has long-standing presence and extensive resources in Southeast Asia. We will conduct in-depth exchanges with C&D Inc. in Southeast Asia to explore solutions for capital, logistics, and industrial resources in the Southeast Asian industry, and establish effective communication channels for long-term cooperation. 5. WHA Industrial Estates WHA Corporation Public Company Limited develops and operates 12 major industrial estates in Thailand, all of which are strategically located. The group has held the largest market share since 2008. WH currently has 12 operational industrial zones, with 11 in Thailand and 1 in Vietnam, and another 3 industrial zones are still under development. The industrial zones developed and constructed by WHA Group are mainly located in the eastern coastal region of Thailand and have currently formed numerous industrial clusters, including export-oriented industries such as automotive, petrochemical, electronics, and consumer goods. As an industrial estate with a broad scope of operations, WHA Industrial Estates has unique insights into the industrial development and policies of various regions in Southeast Asia. During our exchanges, we will learn about the enterprises that have already settled in the estate, WHA's investment attraction policies, and its insights into industrial development. 6. Malaysia Non-Ferrous Metals Association The Malaysia Non-Ferrous Metals Association (MNMA) was established to integrate the entire non-ferrous metals industry in Malaysia under one entity. Under this unified entity, the objectives are: to coordinate with government authorities and standardize the import codes for non-ferrous metals, particularly in relation to hazardous and non-hazardous waste; to serve as a communication bridge between industry participants and government authorities to promote aligned goals; to educate and self-regulate members in compliance with regulations, especially those related to environmental aspects; to drive the vibrant development of the upstream industry, thereby encouraging downstream investors to invest in Malaysia; to embrace global changes through interactive cooperation and collaborate with other associations worldwide; and to envision Malaysia as the central hub for the non-ferrous metals industry in Southeast Asia. During this exchange, we will listen to the representatives of the association as they introduce Malaysia's industrial blueprint, gain a detailed understanding of Malaysia's industrial planning, and refine each representative's future strategic planning in Malaysia through our exchanges. 7. METROD(MALAYSIA) SDN BHD METROD(MALAYSIA) SDN BHD is a leading manufacturer of copper rods, copper pipes & tubes, and copper busbars in Malaysia. The company commenced operations in 1981 and was listed on the Main Board of the Kuala Lumpur Stock Exchange in 1996. Metrod's high-quality copper products are widely used in numerous applications, including power generation, transmission, and distribution, telecommunications, lightning protection, welding, electronic and automotive parts, electromagnetic coils, motors, compressors, transformers, and more. As a typical representative of local copper rod suppliers in Malaysia, we will engage in in-depth exchanges with METROD(MALAYSIA) SDN BHD and strive to reach cooperation in suitable areas for mutual benefit and win-win outcomes. 8. Zhejiang Gang Lian Jie (Malaysia) Logistics Technology Co., Ltd. Zhejiang Gang Lian Jie (Malaysia) Logistics Technology Co., Ltd., established in 2023, is a wholly-owned subsidiary of Zhejiang Gang Lian Jie Logistics Technology Co., Ltd. and falls under the Ningbo Zhoushan Port Group system, making it a state-controlled enterprise. The company primarily engages in international freight forwarding for import and export. It extends the standardized processes and management systems within the recycled metals industry to Malaysia, using Malaysia as a hub to radiate throughout Southeast Asia and carry out related businesses. This encompasses international multimodal transport, covering bulk raw materials such as non-ferrous metals, plastic pellets, cold chain products, pulp, and glycerin. Gang Lianjie will introduce the import and export policies of various Southeast Asian countries during the exchange, with detailed answers provided for areas that differ from China. They can also offer one-stop customs services. (More visiting organizations will be updated continuously...) The following are optional itineraries (participation is voluntary, and a separate conference fee is required for attendance). 1. 2025 SMM (2nd) Global Renewable Metal Industry Chain Summit (An additional conference fee of 5,000 yuan is required). Conference Time: June 12-13, 2025 Conference Venue: Hyatt Regency Suvarnabhumi Airport, Bangkok, Thailand Conference Official Website: https://global-renewable-metal-industry-chain-summit.smm.cn/home The 2024 SMM 1st Global Renewable Metal Industry Forum was held in Malaysia. The conference gathered recycling associations, government officials, and renowned enterprises in the renewable sector from various regions to discuss the current state and future development of the renewable industry. From 2024 to 2025, renewable metal policies have been continuously updated, and the industry has witnessed rapid development. To assist enterprises in navigating the changes in the renewable industry, align with industry standardization requirements, and provide a platform for business exchanges, SMM plans to hold the 2025 SMM 2nd Global Renewable Metal Industry Chain Summit in Thailand from June 12-13, 2025. At this conference, you will efficiently gain access to customer resources, industry reports, and interpretations of renewable policies from various regions globally in the renewable metal and battery recycling industries. It is suitable for organizations and individuals concerned about renewable metals to participate. 2. 2025 SMM Southeast Asia (Thailand) Automotive Supply Chain Conference (An additional conference fee of 7,000 yuan is required). Conference Time: June 16-17, 2025 Conference Venue: Hyatt Regency Suvarnabhumi Airport, Bangkok, Thailand Conference Official Website: https://automotive-supply-chain.smm.cn/home In recent years, Southeast Asia has gradually become a crucial link in the global automotive industry due to its unique geographical advantages, abundant resources, and vast consumer market, offering rich supply and demand opportunities. As a regional leader, Thailand has attracted the attention of numerous Chinese NEV manufacturers. At this conference, SMM will invite experts, scholars, enterprise representatives, and government officials from the domestic and overseas automotive industries to participate, jointly explore new trends and models in the development of the automotive industry, share the latest technologies and innovative achievements, promote collaborative development and cooperation in the automotive industry, and facilitate the improvement and enhancement of the industry chain. Meanwhile, we hope that through this conference, we can help Chinese automotive industry chain enterprises better understand the overseas investment environment, leverage the complementary advantages of different countries and regions within the automotive industry, and jointly promote the healthy and sustainable development of the automotive industry. At this conference, you will efficiently gain access to customer resources, industry reports, and opportunities to discuss new materials, processes, and technologies in the automotive and supply chain industries. It is suitable for organizations and individuals interested in the automotive industry to participate. Note: Assembly point for the inspection tour: Hyatt Regency Bangkok Sukhumvit, Bangkok, Thailand For more information about the 2025 (Phase IV) SMM Southeast Asia Industry Inspection Tour , please contact: De'an Xu: 166.0190.90 Email: xudean@smm.cn

SMM News on May 30: In the last week before the Dragon Boat Festival, spot quotes for cobalt products all declined to varying degrees amidst the general performance of downstream demand. Although cobalt chloride quotes continued to fall, smelters showed a clear reluctance to budge on prices, driving its prices to fluctuate at a high level... SMM has compiled the price changes of cobalt products this week, as detailed below: Refined Cobalt: According to SMM spot quotes, refined cobalt continued to maintain its downward trend this week. As of May 30, the spot quote for refined cobalt fell to 220,800-247,000 yuan/mt, with an average price of 233,900 yuan/mt, a decrease of 1,950 yuan/mt or 0.83% from May 23. 》Check SMM Cobalt and Lithium Spot Quotes Regarding the reasons for the decline in spot quotes for refined cobalt, SMM understands that it was mainly due to some recent news that disrupted market sentiment, pushing down the transaction prices of refined cobalt and leading to certain panic selling in the market. Currently, this situation appears to be a short-term emotional outburst, with no significant expected deviation in the actual supply and demand structure. From the supply and demand perspective, on the supply side, with the declining profitability of refined cobalt production, refined cobalt output slightly decreased this month. Smelters continued to fulfill long-term contracts, and the spot order market still relied on trader supplies. On the demand side, downstream producers maintained a purchasing-as-needed rhythm, with no significant improvement in purchase activity. It is expected that next week, the spot price of refined cobalt may continue to remain in the doldrums. Cobalt Salts (Cobalt Sulphate and Cobalt Chloride): Cobalt Sulphate: According to SMM spot quotes, cobalt sulphate spot quotes continued to decline throughout the week. As of May 30, the spot quote for cobalt sulphate fell to 47,200-49,900 yuan/mt, with an average price of 48,550 yuan/mt, a decrease of 0.92% from May 23. 》Check SMM Cobalt and Lithium Spot Quotes According to SMM, from the supply and demand perspective, on the supply side, the quotes from mainstream cobalt sulphate smelters have not changed, but spot quotes for cobalt sulphate from recycling plants continued to decline significantly, with extremely sporadic overall transactions and transaction prices far below the actual quotes. On the demand side, the overall purchasing sentiment of downstream producers was poor, with no improvement in the order situation of material plants. Raw materials were still being consumed from inventory, and producers' purchase willingness continued to decrease, maintaining only fixed inquiries without any buying actions. Against this backdrop, SMM expects that next week, the spot price of cobalt sulphate may fluctuate weakly. Cobalt Chloride: Regarding cobalt chloride, according to SMM spot quotes, cobalt chloride quotes also declined significantly this week compared to the past. As of May 30, the spot quote for cobalt chloride fell to 58,900-60,400 yuan/mt, with an average price of 59,650 yuan/mt, a decrease of 0.91% from May 23. According to SMM, the quotes from major smelters in the cobalt chloride supply side remained firm, indicating a certain reluctance to sell. However, some smelters showed a stronger willingness to sell, leading to a small number of low-priced transactions in the market, which subsequently pulled down the overall spot price. From the demand side, downstream enterprises mainly engaged in just-in-time procurement and generally held a certain level of cobalt salt inventory. They made fewer inquiries and maintained a strong wait-and-see sentiment. Despite this, due to the ongoing shortage of raw materials, the market's bullish sentiment remained high and consistent. It is expected that next week, the spot price of cobalt chloride will continue to fluctuate at highs and is unlikely to decline. Regarding Co3O4: According to SMM's spot quotes, the spot quotes for Co3O4 also faced downward pressure this week. As of May 30, the spot quotes for Co3O4 fell to the range of 199,000-207,800 yuan/mt, with an average price of 203,400 yuan/mt, representing a 1.26% decline compared to May 23. According to SMM, from the supply side, the quotes from Co3O4 smelters were lowered, and the smelters' willingness to sell increased somewhat. On the demand side, most LCO producers had already completed their order procurement in the early stage and still held a certain level of inventory. They adopted a wait-and-see attitude and had a low willingness to stockpile. Therefore, market transactions this week were mainly focused on executing existing orders, with overall market activity remaining low. Considering that the price of cobalt salt, the raw material, remained at highs, the downside room for the spot price of Co3O4 in the short term is limited. It is expected that the spot price will maintain highs. In terms of news: Hanrui Cobalt previously released its Q1 2025 performance report. According to the announcement, the company achieved a total operating revenue of 1.501 billion yuan in Q1, up 14.56% YoY. The net profit attributable to shareholders of the publicly listed firm was 42.8596 million yuan, up 39.77% YoY. When asked about the company's current products and capacities, Hanrui Cobalt stated that its cobalt products include refined cobalt powder, cobalt hydroxide, cobalt carbonate, cobalt chloride, refined cobalt, etc. Among them, in terms of cobalt powder, Anhui Hanrui has a fully automated production line with an annual capacity of 5,000 mt of refined cobalt powder, leading globally in terms of capacity and automation level. Its cobalt powder exports rank among the top in China. The cobalt hydroxide capacity is 10,000 mt/year, and the refined cobalt capacity reaches 15,000 mt/year. In addition, Ganzhou Hanrui put into operation the "Project with an Annual Output of 5,000 mt of Electrodeposited Nickel and 5,000 mt of Electrodeposited Cobalt" in July 2024. Currently, its electrodeposited cobalt capacity has reached 15,000 mt. Copper products: Mainly copper cathode, with a capacity of 70,000 mt/year. Specifically, the copper cathode capacity of its subsidiary Hanrui Metal is 50,000 mt, and that of Congo Metal is 20,000 mt. Other products and capacities: The planned capacity of high-grade nickel matte is 20,000 mt/year, currently under construction. The capacity of cathode materials is 5,000 mt/year. Additionally, Hanrui Cobalt was questioned about the impact of the DRC's restrictions on cobalt exports on the company. It responded that in February 2025, the DRC made a decision to suspend cobalt intermediate product exports for four months. Following the DRC's export ban, cobalt product prices saw a significant increase. The company maintains a safety stock of raw materials. The export ban did not have a major impact on the company's production. In 2024, the company achieved a total revenue of 5.95 billion yuan, up 24.25% YoY; net profit attributable to shareholders of publicly listed firms was 202 million yuan, up 45.85% YoY. Regarding the reasons for the company's performance growth, Hanrui Cobalt stated that it was mainly due to the expansion of the company's copper and cobalt production capacity, as well as an increase in production and sales. In terms of cobalt production in 2024, Hanrui Cobalt produced a total of 16,169.17 mt (metal content) of cobalt products, a significant increase of 94.78% YoY; sales reached 15,400.65 mt (metal content), up 70.26% YoY, primarily driven by the commissioning of the company's 10,000 mt refined cobalt project. Annual report data shows that Hanrui Cobalt is mainly engaged in the R&D, production, and sales of refined cobalt powder, cobalt hydroxide, electrodeposited cobalt, electrodeposited copper, and other copper and cobalt products. Centered around copper and cobalt products, the company has formed a complete industrial process from the development and acquisition of raw cobalt ore to the processing and smelting of cobalt ore, and ultimately to the production of cobalt intermediate products and cobalt powder. It is one of the few domestic enterprises with a complete industrial chain for non-ferrous metal cobalt. At the end of the reporting period, the company's cobalt powder ranked among the top three in global market share. In July 2024, the company completed the construction of a 5,000 mt electrodeposited cobalt and a 5,000 mt electrodeposited nickel project in Ganzhou. Considering the process similarity and actual market conditions, the 5,000 mt electrodeposited nickel project was simultaneously converted into a 5,000 mt electrodeposited cobalt project. By the end of 2024, Ganzhou Hanrui had a production capacity of 15,000 mt of electrodeposited cobalt.

In Q1 this year, supported by the tight global supply of copper concentrates, the center of copper prices shifted significantly higher compared to last year, with the most-traded contract climbing to a historical high of 83,320 yuan/mt. However, during the domestic Qingming Festival holiday, affected by the US's "reciprocal tariff" policy, copper prices plummeted, falling to a low of 71,320 yuan/mt, a drop of 12,000 yuan/mt from the year's peak, representing a decline of over 14%. Looking ahead, the center of copper prices is expected to move further downward. Supply side, with the expansion of the Kamoa and Oyu Tolgoi mines and the commissioning of the new Malmyz mine, global copper mine production is expected to grow by 2.3% in 2025. Meanwhile, the continuous expansion of China's capacity, along with the start-up of new capacities in Indonesia, India, and the DRC, will ultimately drive a 2.9% YoY increase in copper cathode production in 2025. Despite the simultaneous growth in copper mine and copper cathode capacities, the tight global supply of copper concentrates is expected to persist. Currently, copper concentrate treatment charges (TCs) have remained in negative territory for multiple months. As of May 23, spot TCs fell to -$44.25/dmt. In May, the cost of producing copper cathode from copper concentrates exceeded the domestic spot price by 4,705-5,455 yuan/mt. When considering the profit from sulphuric acid sales, the domestic sales loss for copper cathode narrowed to -3,266 to -2,516 yuan/mt. Long-term contract TCs remained at $23.25/dmt. After accounting for the profit from sulphuric acid sales, the domestic sales loss for copper cathode ranged from -2,751 to -700 yuan/mt. The fact that the production cost of copper cathode exceeds the domestic selling price, on one hand, supports copper prices from the cost side; on the other hand, it may dampen the production enthusiasm of smelters, constraining a significant increase in copper cathode production. Previously, influenced by changes in the market supply-demand pattern, the domestic import window for copper cathode closed, while the export window opened. Domestic smelters actively expanded export trade to secure profits. Data shows that in April, domestic copper cathode exports increased by approximately 10,000 mt MoM, while net imports decreased by 15,000 mt MoM. Coupled with the sufficient supply of copper concentrates and the increase in smelters' operating rates, copper cathode production increased by approximately 10,000 mt MoM in April. From the perspective of raw material reserves, domestic imports of copper concentrates, copper scrap, and copper anode increased MoM in April, laying the foundation for production in May. Entering May, with the continuous opening of the export window for copper cathode and the scale of production resumptions at copper cathode enterprises exceeding that of maintenance, domestic copper cathode production is expected to remain at a high level. Driven by the US's tariff reduction policy, the country's imports of copper products have increased significantly. Data shows that the US's imports of copper cathode in January, February, and March were 58,000 mt, 76,000 mt, and 123,000 mt, respectively. In April, imports exceeded 170,000 mt, hitting a record high. UBS analysts expect that approximately 250,000 to 300,000 mt of additional copper will flow into the US market between March and May, indicating that the US refined copper imports in H1 have nearly reached the full-year level of 2023. Against the backdrop of a surge in US copper product imports, China has emerged as the primary supplier, leveraging its cost and capacity advantages, driving up domestic demand for copper semis exports. In April, exports of unwrought copper and copper semis increased by nearly 10,000 mt month-on-month (MoM), while imports either decreased or slowed down in growth MoM, resulting in a 40,000 mt decline in net imports. Despite robust export demand, the characteristics of the off-season for domestic downstream copper enterprises began to emerge in the last week of May. SMM survey data shows that the weekly operating rates of copper cathode rod, secondary copper rod, wire and cable, and enamelled wire enterprises were 70.64%, 22.14%, 82.34%, and 83.90%, respectively, decreasing by 2.62 percentage points, increasing by 0.27 percentage points, decreasing by 1.05 percentage points, and decreasing by 0.50 percentage points MoM. Among them, copper consumption in the air conditioning and new energy sectors both decreased MoM. Specifically, the total production schedules for household air conditioners in China for May, June, and July were 23.3 million units, 20.978 million units, and 18.4206 million units, respectively, showing a month-on-month decline. In the NEV market, retail sales from May 1 to 26 reached 574,000 units, up 2% MoM from April, while nationwide passenger vehicle producers' new energy wholesale sales reached 620,000 units, down 3% MoM from April. The trend of global copper inventories continuing to shift towards the US is significant. As of May 29, SHFE and LME copper warrants decreased to 32,000 mt and 152,000 mt, respectively, with MoM declines of 6% and 25%. As of May 28, COMEX copper inventories increased to 179,700 mt, up 37% MoM. This data change reflects that copper inventories are shifting from the Asian and European markets to the US market. Looking ahead, although the early release of future demand for US imports has provided short-term support for copper prices, copper prices still face downward risks amid intensified volatility in the US and Japanese stock, bond, and currency markets, as well as the gradual entry of the domestic copper market into the off-season for purchases and sales. (Source: Futures Daily)