Report Summary Core View - Recent COMEX copper prices have fallen significantly by nearly 20% due to the implementation of US copper tariffs, and the spread between COMEX and LME copper has narrowed from nearly $3000 to less than $1000. The exclusion of refined copper from tariffs may lead to an increase in US refined copper imports and a return of copper processing enterprises to the US [2]. - From the supply - demand side, copper mine supply remains tight, processing fees are at a low level, and demand is weak in the off - season with copper rod开工率 falling and terminal consumption dropping. Copper inventory has accumulated again, and refined copper supply - demand has weakened [3]. - Looking ahead, COMEX copper has fallen, and the C - L spread is approaching the historical average. Conditional spot investors can conduct short - selling arbitrage operations on COMEX copper, and pay attention to the long - LME and short - SHFE copper cross - market arbitrage [4]. Latest Dynamic and Reasons - The US will impose a 50% tariff on imported semi - finished copper products and copper - intensive derivatives starting from August 1, but refined copper is excluded, which is different from market expectations. This may lead to an increase in US refined copper imports and a return of copper processing enterprises to the US [2]. Fundamental Situation - Supply side: Copper mine supply is tight, processing fees are at a low level, and the production guidance of some copper mines has been lowered, increasing the production risk of smelters [3]. - Demand side: In the off - season, copper rod开工率 has declined, terminal consumption such as household appliances has decreased, and copper inventory has accumulated again, and refined copper supply - demand has weakened [3]. - Other factors: The Fed maintained the benchmark interest rate in July, the expectation of a September rate cut has decreased, and investors are becoming more cautious as the expiration date of the reciprocal tariff approaches [3]. Summary and Strategy - Spot investors with conditions can conduct short - selling arbitrage operations on COMEX copper according to their own situations [4]. - Pay attention to the long - LME and short - SHFE copper cross - market arbitrage due to the relatively high SHFE/LME ratio and positive import profit [4].

Group 1 - The U.S. government has announced a 50% tariff on imported semi-finished copper products and copper-intensive derivatives starting August 1, which disrupts market expectations and affects the stability of the U.S. copper-intensive industry [1] - The new tariffs will not apply to copper ore, refined copper, and copper scrap, but will impact industries reliant on copper, such as construction, automotive, and electronics, potentially increasing their costs [3] - Approximately half of the copper consumed in the U.S. is imported, primarily from countries like Chile and Canada, indicating a significant reliance on foreign supply [3] Group 2 - Experts suggest that the 50% tariff will cause "medium-term damage" to Chile, but the country can mitigate "long-term damage" through market diversification strategies [5] - Canadian copper producers have received temporary exemptions from tariffs on copper concentrates and scrap, but manufacturers of copper wire and cables may face challenges if they cannot shift trade to other markets [7] - The tariffs may suppress overall U.S. economic growth, as the increased costs of copper products could be passed on to consumers, affecting various sectors [9]

Core Points - Chile has announced that its cathode copper products will be exempt from tariffs, emphasizing its role in supporting U.S. industrial development [1][2] - The U.S. government, under President Trump, has imposed a 50% tariff on imported copper products starting August 1, which may significantly increase costs for U.S. manufacturers [1] - Chile is the largest copper producer globally, exporting over $5.6 billion worth of copper to the U.S. in 2024, accounting for 70% of U.S. copper imports [1] Group 1 - Chile's Finance Minister stated that the exemption from tariffs is beneficial for both Chile and U.S. industries, highlighting the importance of Chilean copper for U.S. industrial growth [1] - The U.S. administration views high copper import levels and global overcapacity as a threat to national security, but Chile argues that it enhances U.S. security as a reliable supplier [2] - Chile's exports primarily consist of cathode and refined copper products, with the remaining 30% of U.S. copper imports sourced from Mexico, Canada, and Peru [1]

有报道称，受特朗普此前表态影响，相关行业普遍预计美国将对所有铜产品施加高额进口关税，诸多美 国买家选择提前购入铜产品存货。受此影响，美国市场铜期货价格比伦敦金属交易所的铜期货价格一度 高出约28%。 在特朗普宣布对进口的半成品铜产品和铜密集衍生产品加征50%关税，但进口的铜原料除外后，美国市 场铜价立刻暴跌约20%。美国白宫网站则在30号发布公告解释称，征收相关关税的原因是"进口到美国 的铜的数量过多，已经掏空美国的相关产业，甚至足以威胁美国的国家安全"。但特朗普政府没有解释 为何没有对铜原料也征收关税。 有媒体表示，美国的铜产品行业此前对特朗普进行过游说，其中许多人认为美国没有足够的产能立即取 代所有的铜产品进口，尤其是原料类的铜产品。有业内人士表示："特朗普政府听取了我们行业的担 忧，并做出了明智的战略决策。这一举措在保护美国利益的同时，也与可靠的合作伙伴保持着紧密联 系，确保了铜供应链的安全与韧性。" 另有市场分析表示，特朗普政府的关税政策可能会在短期内扰乱全球的铜产品贸易流动。此前被大量运 往美国囤积的铜产品库存可能会被重新出口。 不过，未来如精炼铜等铜原料仍然可能被美国征收关税。白宫的公告中表示，美 ...

Group 1 - The article discusses the recent announcement by President Trump regarding new tariffs on imports from South Korea, India, and Brazil, indicating a significant shift in trade policy [1][2][3] - South Korea will face a 15% tariff, while India will see a 25% tariff on its exports to the U.S., with Trump citing high tariffs and non-tariff barriers as reasons for the changes [2][3] - Brazil's tariffs will increase to 50%, with specific exemptions for certain products like wood pulp and oil [2][3] Group 2 - Starting August 1, the U.S. will impose a 50% tariff on various semi-finished copper products and copper-intensive derivatives, which could impact industries reliant on these materials [3][4] - The announcement led to a significant drop in copper prices, with New York copper futures falling nearly 20% [4]

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]

智通财经获悉，铜业股全线走低，截至发稿，紫金矿业(02899)跌4.48%，报21.3港元；江西铜业股份 (00358)跌4.09%，报15.94港元；洛阳钼业(03993)跌3.48%，报9.15港元；五矿资源(01208)跌2.75%，报 3.89港元。 本文源自：智通财经网 值得注意的是。今年初，特朗普首次暗示将可能征收铜关税，导致美国铜价相对全球市场大涨，引发铜 大量涌入美国的抢运潮，使全球一些最大金属贸易商获得可观利润。7月9日特朗普进一步宣布将征收高 达50%的铜进口关税，是多数市场参与者原先预期的两倍，使美国铜价创下历史新高。此次关税政策 后，最近几个月运往美国的大量铜可能被再出口。 消息面上，美国总统特朗普宣布，将自8月1日起对进口半成品铜产品及铜密集型衍生产品普遍征收50% 的关税；铜输入材料和铜废料不受"232条款"或对等关税约束。在白宫宣布这一关税后，纽约铜价在数 分钟内暴跌约20%，创下历史最大单日跌幅。 ...

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 historic drop in copper prices [1] Group 1: Stock Performance - Zijin Mining (601899) saw a drop of 4.48%, trading at 21.3 HKD [1] - Jiangxi Copper (600362) decreased by 4.09%, with a price of 15.94 HKD [1] - Luoyang Molybdenum (603993) fell by 3.48%, priced at 9.15 HKD [1] - Minmetals Resources (01208) declined by 2.75%, trading at 3.89 HKD [1] Group 2: Tariff Announcement Impact - President Trump announced a 50% tariff on imported semi-finished copper products and copper-intensive derivatives starting August 1 [1] - Following the tariff announcement, New York copper prices plummeted approximately 20% within minutes, marking the largest single-day drop in history [1] - The tariff is expected to affect the recent influx of copper into the U.S., which may lead to a re-export of large quantities of copper [1] Group 3: Historical Context - Earlier in the year, Trump's initial hints at potential copper tariffs caused U.S. copper prices to rise significantly compared to global markets, resulting in a surge of copper shipments to the U.S. [1] - On July 9, Trump announced the 50% tariff, which was double the expectations of most market participants, leading to a record high in U.S. copper prices [1]

Group 1 - The U.S. government announced a 50% tariff on imported semi-finished copper products and copper-intensive derivatives, effective from August 1 [1][2] - The new tariffs are part of a broader strategy to boost domestic industries and address trade imbalances, following previous tariffs on steel and aluminum [2] - The tariffs will not apply to copper raw materials and scrap, which are exempt from the "Section 232" provisions [1][2] Group 2 - Following the announcement, copper prices in New York plummeted over 18% within minutes [2] - The White House indicated that these copper tariffs will not be cumulative with additional tariffs on automobile imports [2] - There is a requirement for 25% of high-quality copper scrap and raw copper products to be sold domestically, although this is not expected to have immediate significant impact [2]

公告显示，将自8月1日起对进口半成品铜产品（例如铜管、铜线、铜棒、铜板和铜管）及铜密集型衍生产品（例如管件、电缆、连接器和电气元件） 普遍征收50%的关税。 白宫表示，铜输入材料（例如铜矿石、精矿、锍铜、阴极铜和阳极铜）和铜废料不受"232条款"或对等关税约束。 来源：央视新闻 特朗普宣布8月1日起对进口半成品铜等产品征收50%关税纽约铜价应声暴跌 当地时间7月30日，美国白宫表示，美国总统特朗普签署了一项公告，宣布对几类进口铜产品征收关税。 美国总统特朗普7月9日宣布，将从8月1日起对所有进口到美国的铜征收50%的关税。美国媒体警告，此举恐将导致美国制造商投入成本飙升，给美国 制造业带来沉重打击。 （文章来源：中国基金报） 根据美国《1962年贸易扩展法》第232条款，美国总统有权出于"国家安全"考虑，采取对进口产品征收关税或设定配额等措施。 当天，在白宫宣布这一关税后，纽约铜价下跌逾18%。 ...