Core Viewpoint - The article discusses the significant drop in copper prices on the New York COMEX, which fell over 20%, marking the largest single-day decline on record, primarily due to unexpected tariff announcements by the Trump administration [2][4]. Group 1: Market Reaction - On July 31, the New York COMEX copper opened sharply lower, experiencing a decline of nearly 22% [2]. - The price of copper reached a historical high of $5.95 per pound before the tariff announcement, indicating a rapid shift in market sentiment [5]. - The London Metal Exchange (LME) copper only saw a minor decline of 0.73%, trading at $9,627.5 per ton, highlighting a divergence between the two markets [6]. Group 2: Tariff Announcement - The White House announced a 50% tariff on imported semi-finished copper products effective August 1, while refined cathode copper and scrap copper were unexpectedly exempted [4]. - This "categorical taxation" contrasts sharply with Trump's earlier statement on imposing a blanket 50% tariff on all imported copper, leading to market confusion and panic selling [5]. Group 3: Analyst Insights - Analysts described the tariff's impact as "earthquake-level," indicating severe consequences for those who had invested heavily in shipping copper to the U.S. only to find their goods unable to enter the market [6]. - The rapid convergence of price differences between COMEX and LME copper suggests potential oversupply issues in the U.S. market, which could lead to further downward pressure on copper prices [6].

Group 1 - The core viewpoint of the articles highlights a significant drop in New York COMEX copper prices, which fell over 20%, marking the largest single-day decline on record due to unexpected tariff policies announced by the White House [1] - The U.S. government announced a 50% tariff on imported semi-finished copper products effective August 1, while exempting refined copper and scrap copper, leading to market confusion and a sharp sell-off [1] - Analysts describe the impact of the tariff announcement as "earthquake-level," indicating severe consequences for those who had already shipped copper to the U.S. [1] Group 2 - The price difference between COMEX and LME copper has narrowed to 2%-3%, suggesting potential for re-export of copper from the U.S. if the market conditions allow [2] - If U.S. copper is re-exported, it could exacerbate a temporary oversupply situation, putting additional downward pressure on copper prices [2]