Zhi Tong Cai Jing·2025-08-05 03:40Group 1: Copper Market Update - Most copper stocks have risen, with Minmetals Resources up 2.61% at HKD 3.93, Luoyang Molybdenum up 1.53% at HKD 9.31, Jiangxi Copper up 0.82% at HKD 16.02, and Zijin Mining up 0.74% at HKD 21.82 [1] - A mining accident in Chile's O'Higgins region resulted in 6 deaths, with all 5 trapped miners confirmed dead. Codelco has initiated an investigation and halted underground operations, impacting production targets [1] - The affected mine accounts for over 25% of Codelco's total output, which produced 356,000 tons of copper last year. The news of the mine's shutdown has heightened tensions in the already tight copper market [1] Group 2: U.S. Copper Import Tariffs - On July 30, U.S. President Trump signed an announcement addressing the impact of copper imports on national security, imposing tariffs on certain copper products. However, raw copper materials are not restricted by these tariffs [2] - As a result, the COMEX copper premium has disappeared, and U.S. copper imports have already exceeded last year's total, with 74.3% of imports being unaffected by tariffs [2] - It is anticipated that traders will cease shipping copper to the U.S., redirecting it to other markets such as Europe and Asia. LME copper is expected to return to supply-demand pricing, with current LME copper inventories increasing and domestic demand being weak [2]