期 节有限公司 近期3OMEX铜价大幅度下跌，日内跌幅近20%，原因是美国时钢关税落地。精铸铜胶排除在关税之外。美国白官7月30日表示，美国铭自8月1日起对进口半成品铜厂品《例如铜管、铜 线、铜棒、铜板和钢管）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。但铜渝入材料（例如铜矿石、精矿、新铜、阴双铜和阳改网）和钢废料不受"22 系款"或尔等关税约束。美国时铜关税与市场前期预期存在较大差异，精炼铜被排除在关税之外，COMEX与LME铜价差也从最高近3000美元降至当前不足000美元。我们在前期的系列报告 《铜市裂痕：COMEX与LME及碳价差背后的玄机》中已经对相关原理做过详细阐述，近期美国内钢关税尘埃落定，精炼铜不受"282条款"或对等关税的束，预示着C-L之间的高价差将回落至 历史正常值。而对进口半成品铜产品仍征收关税，意味着美国后续或将增加精炼钢的进口量而替代铜材的进口，进而促使铜加工企业回流美国。 基本面情况 从铜的供需面来看，铜矿 供应仍然偏紧，铜矿加工费仍然处于历史偏低水平，当前位于-40美元以下。且粗胸加工费低位，原料供应依然紧张，前期刚果金卡莫拉铜厂下调全年铜矿产量 ...

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 - 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]

Core Point - The U.S. White House announced that President Trump will impose a 50% general tariff on imported semi-finished copper products and copper-containing derivatives starting from August 1 [1] Industry Impact - The tariff is expected to significantly affect the copper industry, potentially increasing costs for manufacturers relying on imported copper products [1] - This move may lead to a rise in domestic copper production as companies seek to avoid tariffs by sourcing materials locally [1] Company Implications - Companies that import semi-finished copper products may face increased operational costs, impacting their profit margins [1] - Firms in the copper supply chain may need to adjust their pricing strategies in response to the new tariffs [1]