Core Viewpoint - The London Metal Exchange (LME) copper prices fell due to a significant increase in inventory and a strengthening US dollar, leading to sell-offs [1][9]. Group 1: Market Performance - On July 14, LME three-month copper closed at $9,619.00 per ton, down $41.50 or 0.43% [1][2]. - The lowest point for the contract earlier in the day was $9,575 per ton, with strong technical support around the 100-day moving average of $9,565 [1]. Group 2: Inventory and Supply Dynamics - LME copper inventory totaled 109,625 tons, with a slight increase of 900 tons from the previous trading day [3]. - Over 26,000 tons of copper inventory, originally set to exit the LME system from Asia, have been re-registered, allowing them to be traded again [3]. - The increase in LME copper supply has widened the spot/three-month contract discount to $50 per ton, the highest level since April 23 [5]. Group 3: Trade Policies and Impacts - President Trump announced a 50% tariff on copper products effective August 1, which traders believe may have influenced the cancellation of warehouse receipts that were likely intended for the US before the tariff took effect [3][4]. - The short time frame from the announcement to the tariff deadline is insufficient for transporting metals from Asia [4]. Group 4: Import and Export Data - China's imports of unwrought copper and copper products in June were 464,000 tons, with a cumulative total of 2.633 million tons for the first half of the year, reflecting a year-on-year decrease of 4.6% [5]. - In contrast, China's imports of copper concentrate increased by 6.4% year-on-year, totaling 1.4754 million tons in the first half of the year [6]. - China's exports of unwrought aluminum and aluminum products in June were 489,000 tons, with a cumulative total of 2.918 million tons for the first half of the year, down 8% year-on-year [7].
金属全线下跌 期铜收跌 因库存跳增且美元走高【7月14日LME收盘】
Wen Hua Cai Jing·2025-07-15 00:54