US Copper Plunges as Trump Tariffs Exclude Refined Metal
美国铜价暴跌 因特朗普关税政策排除精炼金属

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When Will the Fed Cut Rates? Trump’s Pressure Builds as Markets Wait

When Will the Fed Cut Rates? Trump’s Pressure Builds as Markets Wait

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The US copper market suffered its largest intra-day fall on record after President Donald Trump shocked traders by exempting the most widely imported form of copper from his planned tariffs.
美国铜市场创下有史以来最大单日跌幅，此前唐纳德·特朗普总统令交易商震惊，将进口量最大的铜产品排除在计划征收的关税之外。

Tariffs of 50% will apply to imports of semi-finished copper products from Aug. 1, but not to imports of refined metal, the White House said on Wednesday.
白宫周三表示，自 8 月 1 日起，半成品铜进口将适用 50%的关税，但精炼金属进口不在此列。

US copper futures on Comex plunged 20% after the announcement. Until Wednesday afternoon, US copper prices had been trading around 28% above benchmark copper futures on the London Metal Exchange, as traders anticipated the tariff would be applied to all refined metal imports.
消息公布后，纽约商品交易所的美国铜期货暴跌 20%。直到周三下午，由于交易商预期关税将适用于所有精炼金属进口，美国铜价一直较伦敦金属交易所的基准铜期货高出约 28%。

The decision is the latest surprise from Trump to upend the copper market. When the US president first flagged the likelihood of tariffs early this year, he triggered a surge in US copper prices relative to the rest of the world and set off a race to ship copper to the US to beat the tariffs, delivering substantial profits to some of the world’s biggest metals traders.
这一决定是特朗普颠覆铜市场的最新意外之举。今年早些时候，当这位美国总统首次提出可能征收关税时，他引发了美国铜价相对于世界其他地区的飙升，并引发了一场赶在关税实施前向美国运送铜的竞赛，为全球一些最大的金属交易商带来了可观的利润。

Then earlier this month, he triggered a further surge in the US copper market with an announcement that the tariff would be 50% — twice what most market participants had been expecting — which sent prices to a new all-time high.
本月初，特朗普宣布将征收 50%的关税——这一幅度是多数市场参与者预期的两倍——引发美国铜价进一步飙升，推动价格创下历史新高。

Read More: Once-in-a-Generation Copper Trade Upends a $250 Billion Market
延伸阅读：一代人仅见的铜交易颠覆 2500 亿美元市场

The decision to exclude refined copper — known as cathodes — from the tariffs is likely to further roil global trade flows of the metal, which plays a crucial role in the global economy thanks to its widespread use in electrical wiring. The massive volumes of copper that have been shipped to the US in recent months created a huge stockpile that now may be re-exported.
将精炼铜（即阴极铜）排除在关税清单之外的决定，可能会进一步扰乱这种金属的全球贸易流动。由于在电气布线中的广泛应用，铜在全球经济中发挥着关键作用。近几个月来大量运往美国的铜已形成巨大库存，这些库存现在可能被重新出口。

“If cathode is excluded, the arb is over,” said Michael Haigh, head of FIC and Commodity Research at Societe Generale. The market “should approach parity again.”
"如果阴极铜被排除在外，套利机会就结束了，"法国兴业银行固定收益与大宗商品研究主管迈克尔·海格表示。市场"应该会重新回归平价状态"。

The move to differentiate between refined metal and semi-processed products in the tariff policy follows lobbying from the copper industry, with some key players arguing that the US did not have sufficient capacity to replace all of its copper imports immediately.
美国铜价在特朗普 50%关税豁免精炼金属后下跌——彭博社 这一关税政策对精炼金属和半加工产品进行区分的举措，源于铜业游说团体的施压。部分行业巨头辩称，美国目前尚不具备立即取代所有铜进口的产能。

“The Trump Administration listened to the concerns of our industry and made a smart, strategic decision,” said Juan Ignacio Díaz, the president of the International Copper Association. “This action protects US interests while maintaining strong ties with reliable partners, ensuring a secure and resilient copper supply chain.”
"特朗普政府听取了业界的关切，做出了明智而具有战略性的决定，"国际铜业协会主席胡安·伊格纳西奥·迪亚兹表示。"此举既保护了美国利益，又与可靠伙伴保持紧密联系，确保了铜供应链的安全与韧性。"

Still, the prospect of import tariffs on refined copper may not have entirely disappeared. A proclamation published by the White House on Wednesday stated that the Department of Commerce had recommended a delayed imposition of import tariffs on refined metal, with the rate set at 15% starting in 2027, rising to 30% in 2028.
不过，精炼铜进口关税的前景可能并未完全消失。白宫周三发布的公告称，商务部建议推迟对精炼金属征收进口关税，税率从 2027 年起定为 15%，2028 年上调至 30%。

Trump directed the Secretary of Commerce to provide an update on US copper markets by the end of June 2026, so that the president could determine whether such “a phased universal import duty on refined copper” would be warranted.
特朗普已指示商务部长在 2026 年 6 月底前提交美国铜市场的最新报告，以便总统能够判断是否确有必要实施"分阶段精炼铜全面进口关税"。

The 50% import tariff announced on Wednesday will apply to semi-finished products such as copper pipes, wires, rods, sheets and tubes, and to copper-intensive goods like pipe fittings, cables, connectors and electrical components, according to the White House statement. Less processed goods, including copper ore, concentrates, mattes, cathodes and anodes are not subject to the tariffs.
周三宣布的 50%进口关税将适用于铜管、铜线、铜棒、铜板和铜管等半成品，以及管件、电缆、连接器和电子元件等铜密集型产品。白宫声明称，铜矿石、精矿、冰铜、阴极铜和阳极铜等加工程度较低的产品不在此次关税征收范围内。

The copper levies, which come under Section 232 of the Trade Expansion Act, will not stack on top of separate charges on automobile imports, which Trump put in place earlier this year, according to the White House. If a product is subject to auto tariffs, the import tax on vehicles will apply and not the copper duty, the White House said.
根据白宫声明，依据《贸易扩展法》第 232 条征收的铜关税将不会与今年早些时候特朗普对汽车进口实施的额外税费叠加。白宫表示，若某产品适用汽车关税，则将征收车辆进口税而非铜关税。

The White House also said it would require that 25% of high-quality copper scrap and forms of raw copper made in the US to be sold domestically.
白宫还表示，将要求美国生产的高质量废铜和初级铜产品中有 25%在国内市场销售。

However, the export requirements look unlikely to have any meaningful effect in the near term, since around 40% of US copper scrap and around 75% of US copper concentrates are already processed domestically.
然而，这些出口限制短期内不太可能产生实质性影响，因为美国约 40%的废铜和 75%的铜精矿已在境内完成加工。

Shares in US producers such as Freeport-McMoRan Inc. slumped as the proclamation eroded the American copper premium. The decision is a relief to major shippers of refined copper to the US led by Chilean state-owned supplier Codelco.
美国生产商如自由港麦克莫兰公司的股价应声下跌，因该公告削弱了美国铜价溢价优势。这一决定令以智利国有供应商 Codelco 为首的美国精炼铜主要出口商如释重负。

“This is good news for Chile, for Codelco, and for our customers in the USA,” Codelco Chairman Maximo Pacheco said.
"这对智利、对科德尔科公司以及我们在美国的客户来说都是好消息，"科德尔科董事长马克西莫·帕切科表示。