SHFE copper and international copper opened slightly lower in the morning, with intra-day losses continuing to widen. Currently, the losses are hovering around 1.5%, primarily influenced by the anticipated changes in the US tariff hike on imported copper. Overnight, the US President threatened to impose a 50% tariff on imported copper, a rate higher than market expectations in the early stage. If implemented, the cost of importing copper into the US would surge significantly, driving a substantial rally in US copper prices. However, the market fears that this tariff policy could be implemented in a short time, leaving traders with insufficient time to ship copper to the US. Consequently, the global flow of copper into the US might cease, potentially alleviating the current tight copper inventory situation in non-US regions. Both LME copper and SHFE copper have shown signs of pulling back.
(As of 14:07 on July 9th, SHFE copper price trend ~)
(Wenhua Comprehensive)
