基本金属全线大跌，期铜下挫逾6%【4月4日LME收盘】

Core Insights - The comprehensive tariff plan by U.S. President Trump has triggered significant concerns about an economic recession, leading to a substantial sell-off in base metals on the London Metal Exchange (LME) [1][3] - Copper futures recorded their largest single-day drop since the onset of the COVID-19 pandemic in 2020, with a decline of $586.50 or 6.26%, closing at $8,780 per ton [1][2] - The overall sentiment in the market has been severely impacted, with predictions of a 60% chance of a global recession by the end of the year, up from a previous estimate of 40% [4][5] Summary by Category Market Performance - LME three-month copper fell to $8,780 per ton, marking a significant decline of over 10% for the week [1][2] - Other base metals also experienced declines, with three-month aluminum down $69.50 or 2.84%, three-month zinc down $56.50 or 2.08%, and three-month nickel down $974 or 6.19% [2][7] Economic Impact - Dan Smith from Amalgamated Metal Trading noted that metals reliant on economic growth are currently facing disastrous performance due to tariff concerns [3] - Federal Reserve Chairman Jerome Powell expressed shock at the extent of the tariffs, indicating that their economic impact may be greater than previously anticipated, including potential inflation and slowed economic growth [5][6] Regulatory Developments - The U.S. government announced a 34% tariff on all imports from China, effective April 10, 2025, which is seen as a unilateral and bullying approach that undermines international trade rules [3] - The Chinese government responded by implementing export controls on certain rare earth materials, further escalating trade tensions [4]