Core Viewpoint - The proposal by President Trump to impose a 50% tariff on imported copper products, including semi-finished copper goods, is expected to significantly impact various economic sectors and the U.S. copper supply chain [1][2]. Group 1: Tariff Proposal Details - The proposed tariff will cover copper products used in power grids, military equipment, and data centers, with semi-finished products likely included [1]. - The details of the tariff plan are not fully disclosed, and adjustments to the measures are still possible [1]. - The market had anticipated tariffs on refined copper, but the inclusion of semi-finished products (such as wire, sheet, and pipe) was uncertain until now [1]. Group 2: Economic Impact - The tariff is expected to raise production costs across multiple sectors, including electronics, automotive manufacturing, construction, and defense [1]. - In 2022, the U.S. imported 908,000 tons of refined copper, which constituted the largest import category, and these materials are processed into rods, cables, and alloy products [1]. Group 3: Industry Insights - The U.S. Copper Development Association highlighted that semi-finished copper products are critical to the military supply chain, representing 90% of U.S. semi-finished copper producers [2]. - The U.S. domestic copper production is insufficient to meet its own demand, necessitating significant imports of semi-finished copper products, estimated at 800,000 tons last year [2]. - The potential for a 50% tariff on semi-finished products raises national security concerns, as any disruption in foreign copper supply could severely impact U.S. electricity supply [2]. Group 4: Processing Sector Challenges - Imposing tariffs on semi-finished products will directly increase costs for processing companies, which rely heavily on imported raw materials [3]. - Current domestic processing capacity cannot meet the additional demand for 800,000 tons of semi-finished products, and establishing new capacity may take up to seven years [3].

行业 贵金属日评 日期 2025 年 7 月 11 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 美国总统推出更多关税措施特别是对巴西对等关税税率从 10%提高到 50%，关 税武器化程度加剧提振黄金的避险需求；美联储会议纪要显示大部分官员认为关 税政策带来的通胀压力将是暂时的；因此今年晚些时候将重启降息进程，美联储 降息预期再次升温并打压美元汇率和提振贵金属价格，伦敦黄金反弹至 3330 美元 /盎司附近。特朗普 2.0 新政推动全球政经格局重组进入乱纪元模式，黄金的避险 需求得到极大提振；目前看黄金波动性上升但中线上涨趋势保持良好，伦敦 ...

点击蓝字，关注我们 摩根大通CEO杰米戴蒙警告称，市场对美国总统唐纳德特朗普计划的关税感到自满。 智通财经 APP 注意到，摩根大通首席执行官杰米戴蒙警告称， 市场对美国总统唐纳德特朗普计划的关 税感到自满 。他在都柏林的一场活动中表示："不幸的是，我认为市场对关税消息表现出自满情绪。" 戴蒙表示，欧盟和美国达成协议非常重要，并补充说 "需要制定" 关税框架。 "目标应该是让欧洲更加强大，并让美国和欧洲保持团结，" 他补充道。" 德拉吉的报告里都有。所以， 当我们谈论资本市场联盟时，基本上一切都应该是单一市场。这很难做到。" 戴蒙在广泛的评论中还表示，他相信美联储可能会加息 —— 尽管市场预期并非如此。由于预期通胀将 进一步走强，美联储今年没有降息，而是在观望。 " 我认为利率上调的可能性比任何人预想的都要高 ，" 他表示。"如果市场预期利率上调的可能性是 20%，那么我认为是 40% 到 50%。" 特朗普政府正向美联储主席鲍威尔施加巨大压力，要求他降低借贷成本。"降息吧，杰罗姆 —— 现在是 时候了！" 特朗普本周在社交媒体上写道。 内容来源于智通财经APP 贝塔投资智库 为投资交易提供更有价值的服务 他 ...

Group 1 - Jamie Dimon, CEO of JPMorgan Chase, warns European leaders about competitiveness issues, stating that Europe's GDP share compared to the US has dropped from 90% to 65% over the past 10 to 15 years [1] - Dimon criticizes the market's complacency regarding Trump's tariff threats, noting that current tariffs on EU steel and aluminum have increased from 25% to 50% [2] - He emphasizes the declining competitiveness of the European market, indicating that successful large companies are becoming increasingly rare [3] Group 2 - Dimon suggests that Europe and investors should not underestimate the US government's tariff policies, especially if the US economy shows signs of weakness [2] - He calls for significant economic reforms in Europe to address serious issues and promote growth [3] - Dimon expresses a willingness to consider political involvement if certain political changes occur, despite having no political ambitions [3]

Group 1 - The core viewpoint of the news highlights the escalation of trade tensions between the U.S. and Canada, with President Trump announcing a significant increase in tariffs on Canadian goods, which has triggered a rise in safe-haven assets like gold [2][3] - The new tariff rate will increase to 35% from the previous rate, marking a 10 percentage point rise, and this is the third time the Trump administration has pressured Canada this year [2] - The Canadian government is evaluating countermeasures, indicating a willingness to negotiate but insisting on keeping the tariff rates within a tolerable range [3] Group 2 - The price of paper gold has shown an upward trend, currently reported at 768.33 yuan per gram, with a 0.31% increase, reflecting the market's reaction to the heightened geopolitical risks [1] - Technical analysis suggests that while gold prices have faced resistance, they remain above key support levels, indicating potential for a rebound in the near future [4] - Key resistance levels for paper gold are identified between 775-785 yuan, while support levels are noted at 750-760 yuan [4]

| 产业期现日报 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 周敏波 | Z0015979 | 2025年7月11日 | | | | | | | | | | | 价格及价差 | 单位 | 现值 | 前值 | 涨跌 | 涨跌幅 | | | | | | | | SMM铝合金ADC12 | 元/吨 | 20100 | 20000 | 100.0 | 0.50% | 20000 | SMM华东ADC12 | 20100 | 100.0 | 0.50% | 元/吨 | | SMM华南ADC12 | 100.0 | 元/吨 | 20100 | 20000 | 0.50% | SMM西南ADC12 | 20100 | 20000 | 100.0 | 元/吨 | 0.50% | | SMM东北ADC12 | 20100 | 20000 | 100.0 | 0.50% | 元/吨 | 月间价差 | | | | | | | ...

光大期货能化商品日报 光大期货能化商品日报（2025 年 7 月 11 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 原油 | 周四油价下跌，其中 WTI 8 月合约收盘下跌 1.81 美元至 66.57 美 | 震荡 | | | 元/桶，跌幅 2.65%。布伦特 9 月合约收盘下跌 1.55 美元至 68.64 | | | | 美元/桶，跌幅 2.21%。SC2508 以 512.8 元/桶收盘，下跌 7.5 元/ | | | | 桶，跌幅为 1.44%。OPEC 下调了 2025 年至 2029 年期间所有年份 | | | | 的石油需求增长预测。该报告预计，从现在到 2050 年，全球石油 | | | | 1.23 10 需求将增长约 19%，达到 亿桶/日。OPEC+在讨论从 月份 | | | | 开始暂停进一步增产，市场或将 OPEC+讨论停止增产解读为"市 | | | | 场无法消化更多供应"的信号；一旦需求高峰期结束，可能会存 | | | | 在供应过剩的风险。当前来看，油价震荡运行为主，需进一步关 | | | | 注美国关税政策对需求的影响， ...

新能源及有色金属日报 | 2025-07-11 外交部称特朗普对铜施征关税不符合任何一方利益 市场要闻与重要数据 期货行情： 2025-07-10，沪铜主力合约开于 78340元/吨，收于 78600元/吨，较前一交易日收盘0.26%，昨日夜盘沪铜主力合约 开于 78,700元/吨，收于 78,590 元/吨，较昨日午后收盘上涨0.26%。 现货情况： 据 SMM 讯， 昨日日内沪铜现货升水塌陷，盘面走跌月差扩至BACK250元/吨以上，临近换月，持货商积极出口 手上货源令升水急速走跌，下游亦顺势压价。主流平水铜从升水40-80元/吨滑落至平水附近成交，临近上午十一时 出现贴水货源。好铜如金川大板亦升水20-60元/吨成交。非注册等货源价格走跌严重，贴水超200元/吨。其他货源 如常州地区交易至贴水80至贴水40元/吨。 重要资讯汇总： 宏观与地缘方面，昨日，又有诸多美联储官员发表讲话，圣路易斯联储银行行长穆萨莱姆认为关税对通胀的影响 可能要到年底才能明朗，美国财政赤字未来可能成为金融稳定问题。旧金山联储主席戴利表示考虑在秋季实施降 息，认为今年会降息两次。未看到持续关税对价格的影响证据。理事沃勒重申了7月降 ...

Core Viewpoint - The market remains skeptical about the implementation of the 50% tariffs in the U.S., as indicated by the persistent high price differential between COMEX and LME copper, which stands at 27% [1] Group 1 - The price differential between COMEX copper and LME copper is currently at a high level of 27% [1] - Analysts suggest that strong support levels for London copper and Shanghai copper are located at specific price points, which are not detailed in the provided content [1]

2025.07. 11 本文字数：210，阅读时长大约1分钟 据央视新闻，当地时间7月10日，美国总统特朗普在接受美国媒体的电话采访时表示，计划对几乎所 有尚未加征关税的贸易伙伴征收15%或20%的统一关税。 特朗普本周已向韩国、日本等多个国家发出了关税信函，并宣布将从8月1日起对所有进口到美国的 铜征收50%的关税。 微信编辑 | 七三 推荐阅读 "黄金平替"，单日大跌6%！ 特朗普说："我们将对所有剩下的国家征收关税，不论是15%还是20%，这个我们正在安排。" ...