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, 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 relocation and supply chain restructuring have become key topics that we must closely monitor. At the industrial level, the trend of protectionism in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "dual carbon" goals have significantly increased market attention to secondary copper. However, the "reverse invoicing" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other 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 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. IKOI will attend this conference in full force, keeping pace with the times, aiming at our goals, striving diligently, and moving forward with courage! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth number: D12. Bringing innovation and sustainable technology to the precious metals industry. IKOI, established in 1977, is a global leader in thermal metallurgical processes for precious metal refineries, mints, and jewelry markets. Currently, it has three main product series: the COMPACT integrated fully automatic gold and silver ingot casting system, the FCC Flameless Casting Chamber® fully automatic delivery ingot system, and the ALS system, which uses physical methods for gold and silver separation without acid. IKOI's vision is to create safe, efficient, and green methods for precious metal processing, and its mission is to bring innovation and sustainable technology to the precious metals industry. Contact: Yong Ni, 187 0185 9684.