According to Zhitong Finance APP, copper stocks have collectively declined. As of the time of publication, MMG (01208) fell by 4.56% to HKD 2.51; CHINFMINING (01258) fell by 4.26% to HKD 5.4; Luoyang Molybdenum (03993) fell by 3.32% to HKD 6.12; Jiangxi Copper (00358) fell by 2.78% to HKD 13.28; Zijin Mining (02899) fell by 2.66% to HKD 16.86.
Zhengxin Futures pointed out that the U.S. equivalent tariff policy has been implemented, with an average tax rate of 10%, but it does not involve copper products, which may imply a higher tax rate space in the future. The Federal Reserve's interest rate meeting met expectations, increasing the description of economic uncertainty, and the dot plot maintained the forecast of two rate cuts. The current tariff expectations still have an impact logic on copper prices, but further fermentation space can only be achieved by relying on unexpectedly strong U.S. consumption data. Attention should be paid to changes in U.S. economic expectations, as U.S. manufacturing has hit a three-month low. The current marginal weakening background has led to a weakening of price increases caused by inflation expectations.
In summary, under the dominant background of tariff logic, caution is needed for reversals after extreme price differences. The impact of U.S. copper on global copper prices is beginning to weaken, and with adjustments in tariff expectations, copper prices have risen and then fallen, showing significant position reductions. The U.S. equivalent tariffs may temporarily price the price difference at 10%, but long-term uncertainties still exist, and copper prices should be treated with a tendency to adjust

01208

01258

Copper stocks collectively declined, with MMG falling 4.56% and CHINFMINING dropping 4.26%. The implementation of the U.S. equivalent tariff policy does not involve copper varieties, which may indicate a potential for higher tax rates. The Federal Reserve maintains its forecast for two rate cuts, increasing economic uncertainty. Current tariff expectations still impact copper prices, but they depend on U.S. consumption data. U.S. manufacturing hit a three-month low, and inflation expectations have weakened price increases. Overall, copper prices are leaning towards adjustment

- Copper stocks have collectively declined, with notable drops in companies such as Minmetals Resources and China Nonferrous Mining.  
- The U.S. tariff policy, with an average rate of 10%, does not currently affect copper, suggesting potential for higher rates in the future, while the Federal Reserve's meeting indicated increased economic uncertainty.  
- Overall, the impact of tariffs on copper prices is diminishing, and caution is advised regarding potential price reversals amid changing expectations for the U.S. economy.

Zhitong

CHINFMINING

JIANGXI COPPER

ZIJIN MINING

CMOC

Understanding the Market | Copper Stocks Decline Collectively, Copper Prices Rise and Fall, Current Tariff Expectations Still Affecting Copper Price Logic