Last week, the Federal Reserve cut interest rates by 25 basis points, in line with market expectations. Copper prices stopped rising and stabilized, while scrap copper prices followed suit. According to SCI analysis, scrap copper holders are selling at high prices, and market supply is ample. The price difference between refined and scrap copper is widening, and the substitutability of recycled copper is increasing, leading to active short-term supply and demand. Currently, processing profits for enterprises have improved month-on-month, and profits for anode copper have also been positively affected by the upward trend in the market earlier in the week, with operational conditions continuing to recover. Looking ahead, the impact of policies on downstream processing enterprises of scrap copper is marginally weakening, thus the demand in the scrap copper market is expected to remain resilient. Considering the resonance of the macroeconomic cycle, there is a possibility of price stabilization and rebound