Group 1 - The exclusion of refined copper from the tariff plan led to a significant drop in copper prices, with New York copper prices falling approximately 20% in a matter of minutes, marking the largest single-day decline in history [1] - Freeport-McMoRan Inc. saw its stock price drop by about 10%, while Southern Copper's stock fell over 6%, indicating a weakening of the premium on U.S. copper prices [3] - The decision to exclude refined copper is seen as a positive development for companies like Codelco, which exports refined copper to the U.S., as stated by Codelco's chairman [3] Group 2 - Starting August 1, a 50% tariff will be imposed on various imported copper products, including semi-finished copper products and copper-intensive derivatives, while raw copper materials and scrap copper will not be subject to these tariffs [4] - The new 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 [4] - The U.S. currently relies on imports for about half of its copper, with a significant portion coming from Chile, highlighting the importance of global trade flows for this metal [7] Group 3 - The decision to differentiate between refined copper and semi-finished copper in the tariff policy was influenced by lobbying from the copper industry, as there is a belief that the U.S. lacks sufficient capacity to immediately replace all copper imports [6] - The exclusion of refined copper from tariffs is expected to disrupt global copper trade flows, as recent shipments to the U.S. may be redirected for re-export [5]

Group 1 - Iran's Supreme Leader's advisor stated that Iran is willing to commit to never developing nuclear weapons in exchange for the U.S. lifting sanctions, leading to a drop of over 3% in oil prices [1] - WTI crude oil fell over 3% to $60.60 per barrel, while Brent crude oil also dropped over 3% to $63.97 per barrel [2] - The geopolitical situation is easing, and high U.S. Treasury yields are pressuring commodities, causing gold, silver, copper, and oil to decline [5] Group 2 - European stock indices opened lower, with the Euro Stoxx 50 down 0.5%, Germany's DAX down 0.4%, and the UK's FTSE 100 down 0.5% [9] - The Indian stock market maintained its upward trend after President Trump mentioned India's proposal to eliminate tariffs on U.S. goods [9] - The Japanese opposition party suggested using long-term U.S. Treasury holdings and importing U.S.-made Japanese cars as negotiation leverage in trade talks with Washington [12]