On a macro level, the US tariff policy has been officially announced, and some countries have announced countermeasures. The escalation of global trade frictions and the decline in market risk appetite have put pressure on copper prices.
Fundamentally speaking, the spot TC of copper concentrate remains negative and has expanded again, and the supply crisis has not yet been resolved. Social inventories continue to fall. The maintenance of domestic refineries in the second quarter may lead to a decline in production, coupled with a decrease in raw material and inventory, but the short-term tariff crisis may exacerbate the risk of copper price fluctuations.
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