Core Viewpoint - The copper industry stocks have experienced a significant decline following the announcement of a 50% tariff on imported semi-finished copper products and copper-intensive derivatives by U.S. President Trump, leading to a sharp drop in copper prices [1] Group 1: Stock Performance - Zijin Mining (02899) fell by 4.48%, trading at HKD 21.3 [1] - Jiangxi Copper (00358) decreased by 4.09%, trading at HKD 15.94 [1] - Luoyang Molybdenum (03993) dropped by 3.48%, trading at HKD 9.15 [1] - Minmetals Resources (01208) declined by 2.75%, trading at HKD 3.89 [1] Group 2: Tariff Announcement Impact - The U.S. will impose a 50% tariff on imported semi-finished copper products starting August 1 [1] - Copper input materials and scrap copper are exempt from the "Section 232" tariffs [1] - Following the tariff announcement, New York copper prices plummeted approximately 20%, marking the largest single-day drop in history [1] Group 3: Market Reactions - Earlier in the year, Trump's initial hints at potential copper tariffs led to a surge in U.S. copper prices relative to the global market, resulting in a rush of copper imports into the U.S. [1] - On July 9, Trump announced the 50% tariff, which was double the expectations of most market participants, causing U.S. copper prices to reach historical highs [1] - The recent tariff policy may lead to a re-export of the large quantities of copper that have been shipped to the U.S. in recent months [1]