中信证券：232关税落地促铜价回归，出海铜企有望受益

Core Viewpoint - The implementation of the U.S. copper 232 tariff, which imposes a 50% import duty on copper products while exempting refined copper and raw copper materials, has led to significant fluctuations in COMEX copper prices, with the current COMEX-LME price spread nearly eliminated [1] Group 1: Market Impact - The unexpected exemption of refined copper from import duties has caused substantial volatility in copper prices [1] - The anticipated "siphon effect" from the U.S. is expected to weaken, and concerns about inventory return are premature [1] Group 2: Future Outlook - In the short term, copper prices are expected to stabilize and rise due to tight supply from mines, easing liquidity, global economic recovery, and domestic smelting sector adjustments [1] - The 232 tariff is likely to provide excess profits for Chinese copper processing companies venturing abroad [1]