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Real-time News
Xinhu Futures Commentary: News that the White House has not yet made a decision on refined copper tariffs caused a sharp drop in copper prices. Both LME and Comex copper prices fell by more than 4% on Thursday. 1. The news caused significant short-term disruption, but whether the US copper tariffs will be implemented remains to be seen at the end of the month. Although copper prices fell sharply, the CL spread is still above $200/ton (the Comex weighted contract and LME spread was above $300/ton before the news), and Comex copper is still in a contango structure for longer-term contracts, which does not support a large outflow of US copper. Therefore, the market has largely priced in last nights news. 2. However, there are many macroeconomic events at present, oil prices have surged, US Treasury yields have risen again, and the Feds interest rate decision this month will all have significant impact on the current market. However, after the disruption to consumption related to the US copper tariffs subsides, the room for further decline in copper prices is limited, as the tight supply of refined copper in non-US markets will not change in the short term, and downstream buyers will actively replenish their stocks after the sharp drop in copper prices. Copper prices may rebound after macroeconomic sentiment eases. 3. Ultimately, it depends on the actual implementation of the tariffs at the end of the month. If the US imposes tariffs as scheduled, copper prices will resume their upward trend. Currently, the market is concerned that, as reported, there will be no progress on tariff policy. In this case, attention needs to be paid to the copper price spread (CL) and the structure of the US copper market. If the CL spread is positive and US copper maintains its C-shaped structure, the news will only be a minor negative factor, and the market largely priced it in last night. However, if the CL spread turns negative, it may be detrimental to copper prices. Its difficult to predict at this time because Trumps attitude is unpredictable, and market expectations for long-term copper tariffs are uncertain. (The commentary and opinions are for reference only and do not constitute any investment advice.)Futures Market News, September 11th: SC crude oil prices rose by 6.92%, currently trading at 821.6 yuan/barrel. Low-sulfur fuel oil (LU) prices rose by 6.33%, currently trading at 5581 yuan/ton. Fuel oil prices rose by 6.90%, currently trading at 4384 yuan/ton. Asphalt prices rose by 3.61%, currently trading at 5481 yuan/ton.The main platinum futures contract fell more than 6.00% intraday, currently trading at 430.60 yuan/gram.Russian e-commerce platform Ozon: A Ukrainian drone attacked Ozons logistics center in Saratov Oblast, Russia, causing a fire.Shanghai Gold 2610 futures fell 1.72% to 938.56 yuan/gram. Shanghai Silver 2610 futures fell 5.53% to 15,517 yuan/kilogram. Shanghai Platinum 2610 futures fell 5.42% to 433.3 yuan/gram. Shanghai Palladium 2610 futures fell 4.51% to 302.9 yuan/gram.
