闪崩20%！特朗普关税“豁免”精炼铜，美铜遭历史性暴跌

Core Viewpoint - The U.S. copper market experienced its largest single-day drop ever due to President Trump's decision to exclude refined copper from the tariff list, surprising traders [2][3]. Group 1: Tariff Announcement and Market Reaction - The White House announced a 50% tariff on imported copper semi-finished products starting August 1, but refined copper is excluded from this tariff [3][10]. - Following the announcement, copper futures prices on the COMEX plummeted by 20%, and the premium of U.S. copper prices over LME benchmark prices significantly decreased from 28% [3]. - Earlier this year, Trump's hints at potential tariffs had already caused U.S. copper prices to surge relative to global markets, leading traders to rush shipments to the U.S. for profit [6]. Group 2: Implications for Global Trade and Industry - Excluding refined copper from tariffs may disrupt global trade flows of this metal further [8]. - The copper industry lobbied for this decision, arguing that the U.S. lacks sufficient capacity to immediately replace all copper imports [9]. - The International Copper Association's president stated that this decision protects U.S. interests while maintaining close ties with reliable partners, ensuring the security and resilience of the copper supply chain [9]. Group 3: Future Tariff Considerations - The prospect of imposing tariffs on refined copper is not entirely off the table, as the White House indicated a potential phased implementation starting in 2027, with rates increasing to 30% by 2028 [10]. - The Commerce Department has been instructed to provide an update on the U.S. copper market by June 2026 to assess the necessity of these tariffs [10]. Group 4: Impact on Companies - The announcement has negatively impacted the stock prices of U.S. producers like Freeport-McMoRan Inc. due to the weakening of the U.S. copper price premium [10]. - Conversely, major refined copper exporters, such as Chile's state-owned Codelco, expressed relief at the exclusion of refined copper from tariffs, viewing it as positive news for their operations and U.S. customers [11].