Core Viewpoint - Grupo Mexico maintains a "very optimistic" outlook on the long-term growth prospects of the copper industry in Asia despite the recent announcement of a 50% tariff on copper imports by the United States [1] Group 1: Tariff Announcement - On July 30, the White House announced that President Trump would impose a 50% tariff on imported semi-finished copper products and copper-intensive derivatives, effective from August 1 [1] Group 2: Company Response - Leonardo Contreras, CFO of Grupo Mexico's mining division, stated that the company will continue to monitor global changes before deciding whether to restart a mothballed smelting project in Arizona [1]

Group 1 - The U.S. government announced a 50% tariff on certain imported copper products, effective August 1, which includes semi-finished copper products and copper-intensive derivatives [1][2] - Following the announcement, the Comex copper futures price dropped over 18%, closing at $4.630 per pound, marking the largest single-day decline in history [1][2] - The initial market expectation was for a broader tariff covering the entire copper supply chain, but the announcement limited the tariffs to specific products, excluding key raw materials like copper ore and cathodes [1][2] Group 2 - The copper input materials such as copper ore, concentrates, and scrap are not subject to the tariffs under the Section 232 provisions [2] - The announcement negatively impacted U.S. copper producers, with Freeport-McMoRan Inc. shares falling approximately 10% and Southern Copper shares declining over 6% [2] - Prior to the announcement, U.S. copper prices were about 28% higher than the benchmark copper futures on the London Metal Exchange [2]

Core Viewpoint - The CFO of Southern Copper Corporation, Raul Jacob, expressed concerns about the impact of trade conflicts on the global economy and the copper industry, but remains optimistic about the long-term prospects for copper [1] Group 1: Industry Outlook - The mining sector anticipates that trade conflicts will negatively affect the global economy and the copper industry [1] - Despite current challenges, the industry is expected to maintain resilience in the long term [1] Group 2: Tariff Implications - Jacob highlighted a significant price gap between the COMEX and LME, indicating a high likelihood of the U.S. imposing tariffs on copper imports [1] - The Trump administration plans to implement a 50% tariff starting Friday, with Peru being a major supplier of refined copper to the U.S. [1] - There is uncertainty regarding the details of the tariffs and their potential impact on the company, as tariff levels on other goods and countries have been fluctuating [1] Group 3: Company Position - Grupo Mexico's chairman, German Larrea, stated that the company is monitoring the potential effects of tariffs on its business [1] - Southern Copper is in a solid position to handle uncertainties related to the trade environment [1]

Group 1 - The Hang Seng Index fell by 1.07%, down 270 points, closing at 24,906 points, while the Hang Seng Tech Index rose by 0.34% [1] - AI concept stocks showed strong performance, with multiple catalysts for AI applications in the second half of the year, presenting significant investment opportunities [1] - Notable gainers in AI stocks included Meitu Inc. (up 15.26%), Kingdee International (up 11.70%), and Kuaishou-W (up 8.98%) [1] Group 2 - Three Life Sciences Pharmaceutical (SSGJ-707) saw a rise of over 5% due to its partnership with Pfizer, indicating substantial potential for overseas valuation enhancement [2] - Huajian Medical (up over 10%) partnered with BGI to establish an innovative drug intellectual property tokenization fund [2] Group 3 - Jinxin Reproductive Medicine rose by 6.48% as policy benefits gradually materialize, positioning the company as a leader in private assisted reproduction [3] - Copper stocks declined across the board following Trump's announcement of a 50% tariff on imported semi-finished copper, with Zijin Mining falling by 4.93% [3] - Gold stocks also experienced a downturn, with Tongguan Gold dropping by 8.67% amid unchanged interest rates from the Federal Reserve [3]

Report Industry Investment Rating - Copper: Neutral [5] - Arbitrage: Suspended [5] - Options: short put @ 77,000 yuan/ton [5] Core Viewpoints - The 50% tariff does not cover refined copper, leading to a significant decline in the Comex premium. If the over 250,000 tons of Comex copper inventory flows back into the market, it may impact copper prices again. Therefore, a wait - and - see approach is recommended for now [5] Summary by Relevant Sections Market News and Important Data - **Futures Quotes**: On July 30, 2025, the Shanghai copper main contract opened at 78,910 yuan/ton and closed at 78,930 yuan/ton, up 0.11% from the previous trading day's close. The night - session main contract opened at 78,640 yuan/ton and closed at 78,700 yuan/ton, down 0.47% from the afternoon close [1] - **Spot Situation**: The domestic electrolytic copper spot market has a tight supply pattern, with a significant strengthening of spot premiums. The SMM1 electrolytic copper is priced at 79,200 - 79,370 yuan/ton, with a premium of 130 - 200 yuan/ton to the current - month contract. The average premium is 165 yuan/ton, up 55 yuan/ton from the previous day. It is expected that the short - term premium will remain firm [2] Important Information Summaries - **Macro and Geopolitical**: The White House announced a 50% tariff on semi - finished products like copper tubes and wires, exempting raw materials such as cathode copper and ores. This caused the COMEX copper price to plummet by up to 20% on the day, and the Comex - to - LME price difference has shrunk to about 5% [3] - **Mining End**: Glencore plans to cut about $1 billion in costs by the end of 2026 and has raised the long - term profit forecast for its commodity trading division from $2.2 - 3.2 billion to $2.3 - 3.5 billion. The trading division had a profit of $1.35 billion in the first half of the year [3] - **Smelting and Imports**: The Comex premium has weakened significantly due to the tariff exemption of refined copper, and it has recovered to about 5% of the LME price. If the over 250,000 tons of US copper inventory flows back into the market, it may impact copper prices [4] - **Consumption**: Last week, copper prices fluctuated within a narrow range. Due to the end of the month, downstream consumption had limited growth. However, due to some processing enterprises' rush to export, market demand was relatively stable, and downstream enterprises mainly made just - in - time purchases [4] - **Inventory and Warehouse Receipts**: LME warehouse receipts changed by 225 tons to 136,850 tons, SHFE warehouse receipts changed by 1,890 tons to 19,973 tons. On July 28, the domestic electrolytic copper spot inventory was 120,300 tons, a change of 6,100 tons from the previous week [4] Data Tables - **Spot (Premium/Discount)**: The premium for SMM 1 copper (premium copper) is 165 - 180, for flat - copper is 150, for wet - process copper is 25, the Yangshan premium is 60, and LME (0 - 3) is - 52 [27] - **Inventory**: LME inventory is 136,850 tons, SHFE inventory is 73,423 tons, and COMEX inventory is 229,909 tons [27][28] - **Warehouse Receipts**: SHFE warehouse receipts are 19,973 tons, and the proportion of LME cancelled warehouse receipts is 15.20% [28] - **Arbitrage**: The spread between CU08 - CU06 (continuous third - near - month) is - 30, between CU07 - CU06 (main - near - month) is 0, CU07/AL07 is 3.83, CU07/ZN07 is 3.48, and the import profit is - 313 [28]

Core Viewpoint - President Trump announced a 50% tariff on imported copper products, excluding refined copper, which led to a significant drop in copper prices in the U.S. market [1][3][5] Group 1: Tariff Announcement and Market Reaction - The U.S. will impose a 50% tariff on various imported copper products starting August 1, including semi-finished copper products like pipes, wires, and rods, but refined copper is exempt [5][6] - Following the announcement, New York copper prices fell approximately 20% within minutes, marking the largest single-day drop in history for Comex copper futures [3][4] - Prior to the announcement, U.S. copper prices were about 28% higher than the benchmark copper futures on the London Metal Exchange (LME) [3] Group 2: Impact on Companies - Freeport-McMoRan Inc. saw its stock price drop by about 10%, while Southern Copper's stock fell over 6%, indicating a negative market reaction to the tariff news [4] - In contrast, Codelco, the Chilean state-owned copper company, views the tariff as a positive development, benefiting from the exclusion of refined copper from the tariff list [4] Group 3: Broader Economic Implications - The tariffs are part of a broader strategy by the Trump administration to boost domestic industries and address trade imbalances, following previous tariffs on steel and aluminum [7][8] - The White House clarified that these copper tariffs will not be combined with additional tariffs on automobile imports, which could further complicate trade dynamics [8] - Analysts suggest that the exclusion of refined copper from tariffs may disrupt global copper trade flows, as the U.S. currently relies heavily on imports for its copper supply [10][12]

Core Viewpoint - The copper industry stocks have experienced a significant decline following the announcement of a 50% tariff on imported copper products by U.S. President Trump, leading to a sharp drop in copper prices [1]. Group 1: Stock Performance - Zijin Mining (02899) fell by 4.48%, trading at HKD 21.3 [1] - Jiangxi Copper (00358) decreased by 4.09%, trading at HKD 15.94 [1] - Luoyang Molybdenum (03993) dropped by 3.48%, trading at HKD 9.15 [1] - Minmetals Resources (01208) declined by 2.75%, trading at HKD 3.89 [1] Group 2: Tariff Announcement - President Trump announced a 50% tariff on imported semi-finished copper products and copper-intensive derivatives starting August 1 [1] - Copper input materials and scrap copper are exempt from the "Section 232" tariffs [1] Group 3: Market Reaction - Following the tariff announcement, copper prices in New York plummeted approximately 20% within minutes, marking the largest single-day drop in history [1] - Earlier this year, Trump's initial hints at potential copper tariffs led to a surge in U.S. copper prices relative to the global market, resulting in a rush of copper imports into the U.S. [1] - The recent announcement of a 50% tariff was double the expectations of most market participants, causing U.S. copper prices to reach historical highs [1] - The large quantities of copper recently shipped to the U.S. may be subject to re-export due to the new tariff policy [1]

Group 1 - The Hang Seng Index fell by 1.07%, down 270 points, closing at 24,906 points, while the Hang Seng Tech Index rose by 0.34% [1] - AI concept stocks showed strong performance, with multiple catalysts for AI applications in the second half of the year, indicating significant investment opportunities [1] - Notable gainers in AI stocks included Meitu Inc. (up 15.26%), Kingdee International (up 11.70%), and Kuaishou-W (up 8.98%) [1] Group 2 - Three-Six Pharmaceutical saw a rise of over 5% due to the overseas potential of SSGJ-707 being linked with Pfizer [2] - Huajian Medical surged over 10% after partnering with BGI to establish an innovative drug intellectual property tokenization fund [2] - Copper stocks declined across the board following Trump's announcement of a 50% tariff on imported semi-finished copper, with Zijin Mining falling by 4.93% [2]

港股市场铜概念股集体下跌，其中，中国大冶有色金属跌超6%，江西铜业股份跌超3%，兴业合金、中 国黄金国际、中国金属利用跌超2%，五矿资源跌近2%。消息面上，美国总统特朗普意外宣布，对铜加 征新关税中，美国期铜大泻两成，创史上最大单日跌幅。 | 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 00661 | 中国大冶有色金属 | -6.45% | 0.058 | 10.38亿 | | 00358 | 江西铜业股份 | -3.85% | 15.980 | 553.34亿 | | 00505 | 兴业合会 | -2.94% | 0.990 | 8.91亿 | | 01258 | 中国有色矿业 | -2.65% | 7.720 | 301.24亿 | | 02099 | 中国黄金国际 | -2.51% | 67.900 | 269.16亿 | | 01636 | 中国金属利用 | -2.20% | 0.890 | 3.99亿 | | 01208 | 五矿资源 | -1.75% | 3.930 | 477.12亿 | 责任编辑：栎树 特朗普 ...

特朗普曾在7月初暗示，关税将适用于各类铜产品，由矿场与冶炼厂生产的电解铜，到电线及其他制成 品。但白宫发布最新公告中，表示该关税将自本周五起仅适用于铜管、铜管件及其他半成品铜制品，以 及大量使用铜来制造产品，包括电缆与电气元件。 | 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 00661 | 中国大冶有色金属 | -6.45% | 0.058 | 10.38亿 | | 00358 | 江西铜业股份 | -3.85% | 15.980 | 553.34 Z | | 00505 | 兴业合金 | -2.94% | 0.990 | 8.91亿 | | 01258 | 中国有色矿业 | -2.65% | 7.720 | 301.24亿 | | 02099 | 中国黄金国际 | -2.51% | 67.900 | 269.16亿 | | 01636 | 中国金属利用 | -2.20% | 0.890 | 2666.8 | | 01208 | 五矿资源 | -1.75% | 3.930 | 477.12亿 | 港股市场铜概念股集体下跌，其 ...