德商银行：铜价似乎仍需消化美国关税政策带来的影响

Group 1 - The copper market is still digesting the impact of U.S. tariff policies, with LME copper prices declining due to a significant increase in inventory [2] - The U.S. has announced tariffs specifically on semi-finished copper products, leading to expectations that COMEX copper inventories may see a return, which contributed to last week's price drop [2] - High tariffs have resulted in no expected increase in copper supply from outside the U.S., providing price support [2] Group 2 - Supply disruptions in Chile are also supporting copper prices, particularly due to issues at Codelco's El Teniente mine, which produced 356,000 tons of copper last year, accounting for about 7% of Chile's total output [2] - Codelco must submit four reports regarding the El Teniente mine collapse before resuming underground operations, indicating potential production interruptions [2] - Low smelting and refining costs suggest tight raw material supplies, and any production disruptions could significantly tighten the market [2]