海关总署：出口动力仍强 中国7月精炼铜出口环比增近五成

Core Insights - In July, China's refined copper exports reached 118,398 tons, representing a nearly 50% month-on-month increase and exceeding the levels from the same period last year [1] - Speculation regarding the U.S. copper tariff policy, expected to take effect on August 1, created strong export motivation among domestic smelters before the end of July [1] - Following the U.S. announcement of copper import tariffs, the scope was much narrower than market expectations, leading to a significant drop in COMEX copper prices and disrupting the underlying logic of global copper inflow to the U.S. [1]