【紫金天风】Copper: False proposition of the economy-250805（23页）.pdf

1、CopperCopper 2025/08/052025/08/05Author：Liu ShiyaoFQC No：F3041949TCQC No：Z0019385E-mail：Reviewed by XIAO LANLANTCQC No：Z0013951Contact：Zhou XiaoouFQC No：F03093454E-mail：We has lawfully obtained the qualification for futures trading advisory business.We has lawfully obtained the qualification for fut

2、ures trading advisory business.With Trump announcing that he will not impose additional tariffs on refined copper,LC price quickly plunged from 3,000 to zero,and when CMX copper prices fell,it also dragged down LMEs price trend;but because this round of decline was mainly to repair the LC spread,LME

3、s over all fluctuation was limited.Moreover,domestic copper prices were resilient,so last Friday nights market performance was as we expected.It is expected that copper prices will remain within the range of$9,500 to$10,000 in the short term.Last week,two events captured global attention:First,the T

4、rump-instigated tariff war remained unresolved,with issues like tariffs on countries like India and Canada still unsettled,while Chinas domestic economy has already felt the impact.Separately,the U.S.began exerting pressure on South Korea to reframe the positioning and role of U.S.forcesexpanding th

5、eir scope from addressing the North Korean threat to the Taiwan Strait regiondubbed alliance modernization.Clearly,the Trump administrations China policy extends beyond exerting tariff pressure to encompass a dual-track approach combining economic and military containment.The current issue is that t

6、he process and outcome of U.S.-China tariff negotiations directly impact Chinas domestic and external economies.Moreover,as China maintains neutrality and refrains from proactively intervening in tariff matters affecting primary U.S.trading partners,it largely adopts a reactive posture,neither pursu