A shortage of metals trading talent in Hong Kong is posing an early test for Beijing’s plan to turn it into a global gold hub https://t.co/UD7I5zkhXs ...

Group 1 - LME copper prices fell due to weak demand, with a decrease of $87.5 or 0.9%, closing at $9,611.0 per ton on July 31 [1] - The U.S. copper price experienced the largest single-day drop in history, plummeting 22% to $4.37 per pound, or $9,638 per ton, after President Trump announced the exclusion of refined copper from a 50% import tariff [3] - The announcement led to a significant adjustment in investor positions, as many had previously imported copper to take advantage of price premiums [3] Group 2 - Major exchanges trade copper based on electrolytic copper, and the recent price drop has caused a slight discount of Comex copper relative to LME copper [4] - LME copper inventories have increased by approximately 50% over the past month, indicating potential supply issues if the price disparity continues [4] - Short-term copper prices are expected to remain weak due to seasonal demand downturns [5] Group 3 - The Shanghai Futures Exchange reported a 1.3% decline in the main copper contract, closing at 78,040 yuan per ton [6] - China's manufacturing Purchasing Managers' Index (PMI) fell to 49.3% in July, a decrease of 0.4 percentage points from the previous month, indicating a contraction in manufacturing activity [6] - The decline in PMI is attributed to seasonal production slowdowns and adverse weather conditions affecting certain regions [6]

Group 1 - LME copper prices declined due to a stronger dollar and rising copper inventories in LME Asian warehouses [1] - As of July 17, LME three-month copper fell by 0.32% to $9,604 per ton, retreating from a three-month high of $10,020 per ton earlier in July [1] - Copper previously planned for shipment to the U.S. is being redirected back to the LME system due to a 50% import tariff announced by the U.S. effective August 1 [1] Group 2 - The increase in LME copper inventories alleviated concerns about recent supply shortages, reflected in the widening discount of spot copper contracts compared to three-month forward contracts, which expanded to $64.5 per ton from a premium of $320 per ton three weeks ago [1] - China's refined copper production for June 2025 was reported at 1.302 million tons, a year-on-year increase of 14.2%, with a cumulative production of 7.363 million tons for the first half of the year, up 9.5% year-on-year [1] Group 3 - Other LME metal prices showed mixed performance, with three-month tin stable at $32,785 per ton, while zinc, lead, nickel, and aluminum experienced declines of 0.26%, 0.28%, 0.31%, and 0.43% respectively [2]