Core Viewpoint - Trump plans to impose an additional 25% tariff on Indian goods, which could significantly impact trade relations between the United States and India [1] Group 1 - The additional tariff is expected to affect a wide range of Indian products, potentially leading to increased costs for consumers in the U.S. [1] - This move may escalate trade tensions between the two countries, which have been navigating complex economic relationships [1] - The decision reflects ongoing protectionist policies from the U.S. administration aimed at supporting domestic industries [1]

本周锌价震荡下行。供应端，8月国产TC较7月上涨100元/吨，进口TC继续上升。8月冶炼端增量进一步兑现。需求 端，内需季节性走弱，除上海外现货大部分转贴水;海外，欧洲需求一般，但部分炼厂因为加工费问题生产有一定阳 力，现货升贴水小幅提高。国内，社库震荡上升。海外LME库存5月后震荡去化，持仓集中度高位下降。策略方面，短 期，建议观望关注商品情绪持续性，注意仓位管理，可适当逢高空配;内外方面，内外正套可继续持有;月差方面，可留 意月间正套机会。 镍 ： 日期 1.5菲律宾镍矿 高镍铁 沪镍现货 金川升贴水 俄镍升贴水 2025/07/30 58.0 - 120950 2100 300 2025/07/31 58.0 - 119050 2200 300 2025/08/01 58.0 - 118650 2250 350 2025/08/04 58.0 - 119150 2350 350 2025/08/05 57.0 - 120000 2250 350 变化 -1.0 - 850 -100 0 日期 现货进口收益 期货进口收益 保税库premium LME C-3M LME库存 LME注销仓单 2025/07/ ...

锡 ： 日期 现货进口收益 现货出口收益 锡持仓 LME C-3M LME库存 LME注销仓单 2025/07/29 -18866.43 -18168.11 52135 11 1855 505 2025/07/30 -15730.44 -20986.82 51663 -7 1945 580 | 2025/07/29 | -18866.43 | -18168.11 | 52135 | 11 | 1855 | 505 | | --- | --- | --- | --- | --- | --- | --- | | 2025/07/30 | -15730.44 | -20986.82 | 51663 | -7 | 1945 | 580 | | 2025/07/31 | -12318.38 | -23691.25 | 49644 | -16 | 1945 | 580 | | 2025/08/01 | -18781.98 | -18020.23 | 49454 | -1 | 1950 | 535 | | 2025/08/04 | -15533.72 | -20919.14 | 49437 | -39 | 1900 | 5 ...

有色早报 研究中心有色团队 2025/08/04 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/07/28 95 435 73423 17832 -615.05 64.47 50.0 65.0 -54.34 127400 17275 2025/07/29 110 385 73423 18083 -398.80 268.30 50.0 61.0 -51.71 127625 19400 2025/07/30 170 528 73423 19973 -736.08 -40.92 49.0 60.0 -46.80 136850 19375 2025/07/31 170 176 73423 19622 -286.39 322.14 49.0 60.0 -50.76 138200 16975 2025/08/01 170 153 72543 20349 -18.16 558.11 51.0 64.0 -49.25 141750 14275 变化 0 -23 -8 ...

Core Viewpoint - The Brazilian government, led by President Lula, firmly opposes the U.S. decision to impose tariffs on Brazilian exports, asserting that Brazil will not yield to U.S. pressure and will defend its sovereignty [1][3]. Group 1: Tariff Imposition - The U.S. has announced a 40% tariff on Brazilian exports effective from August 6, with most products facing an increased tariff rate of 50% [5]. - U.S. Trade Representative Greer stated that the new round of tariffs, including the 50% tariff on Brazil, is largely finalized and will not be adjusted during current negotiations [3]. Group 2: Brazilian Response - President Lula emphasized that Brazil is not a minor player and will not accept U.S. tariffs as a form of political coercion, indicating a commitment to equal dialogue [1][3]. - Brazil plans to negotiate with the U.S. regarding the tariffs and will implement reciprocal measures if negotiations fail [3].

Core Viewpoint - The Canadian Chamber of Commerce's President and CEO, Candace Ryan, criticized President Trump's decision to raise tariffs on Canada, stating that the rationale for the increase lacks factual basis [1][3] Group 1: Tariff Increase Details - On July 31, Trump signed an executive order to raise the tariff rate on Canadian goods from 25% to 35%, effective August 1 [1] - The White House cited Canada's inaction on the fentanyl issue as part of the justification for the new tariffs [1] Group 2: Reactions and Statements - Ryan stated that the claims made by the U.S. regarding the tariffs are unfounded and that such tariff volatility does not promote economic security in North America [3] - Ryan emphasized the need for certainty for businesses in both Canada and the U.S. [3] - Trump expressed willingness to continue trade negotiations with Canada during a phone interview on July 31 [3] Group 3: Canadian Response - Canadian officials, including Carney, have indicated a commitment to defending Canadian workers and businesses' interests in ongoing negotiations with the U.S. [3] - Carney also mentioned plans to strengthen relationships with global trade partners to counter U.S. tariff threats [3]

消息人士：巴西预计对美国出口的35.9%面临50%的关税，44.6%的对美出口面临10%的关税；其余 19.5%将低于25%至50%的全球税率。 ...

Group 1 - The U.S. will impose a 50% tariff on all copper imports starting August 1, along with additional tariffs of 50% and 30% on goods from Brazil and Mexico respectively [1] - Experts from the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) indicate that the U.S. trade policy has become politicized, violating bilateral and multilateral agreements [1][3] - The effective average tariff on Latin America and the Caribbean from the U.S. is projected to rise from 13% in July to 18% if the new tariffs are implemented [3] Group 2 - Mexico is expected to be the most affected country, with 80% of its exports going to the U.S., particularly in the automotive and electronic manufacturing sectors [5] - Brazil's steel and aviation industries will also face significant impacts due to the highest tariffs imposed by the U.S. [5] - ECLAC recommends that Latin American and Caribbean countries diversify their exports and focus on markets in Europe, Asia, the Middle East, and Africa in response to the U.S. tariff situation [6]

有高级官员就欧盟与美国贸易协议表示，美国和欧盟就对药品加征15%的关税达成一致。 ...

Group 1 - The U.S. Secretary of Commerce, Wilbur Ross, announced that the deadline for imposing additional tariffs on August 1 will not be extended, indicating a firm stance from the U.S. government [1] - The negotiations between the U.S. and the EU aim to open European markets for U.S. exports, with the key issue being whether the EU's proposed agreement is sufficient to persuade President Trump to abandon the 30% tariff threat [1] - The EU has warned that if a satisfactory trade agreement is not reached before the August 1 deadline, it will implement countermeasures against U.S. tariffs, with potential measures set to take effect on August 7 [1] Group 2 - In 2024, the total goods trade between the U.S. and the EU is projected to be approximately $975.9 billion, which is higher than trade with any other single economy [2] - The U.S. trade deficit with the EU for goods in 2024 is expected to be $235.6 billion, reflecting a 12.9% increase from the previous year [2]