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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.)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.On September 11th, nine departments, including the Ministry of Industry and Information Technology, issued the "15th Five-Year Plan for the Development of the Intelligent Connected New Energy Vehicle Industry." The plan proposes to leverage the inter-ministerial coordination mechanism for the development of the energy-saving and new energy vehicle industry, comprehensively promote the implementation of the plan, formulate key tasks and annual work priorities, and strengthen supervision, guidance, dynamic monitoring of implementation, mid-term evaluation, and summary evaluation. All regions and relevant departments are required to implement the plan effectively based on their specific circumstances, ensuring the policies are implemented efficiently. The plan emphasizes the implementation of tax incentives for new energy vehicles, deepening pilot reforms in automobile circulation and consumption, accelerating the removal of restrictive measures on automobile circulation and consumption, and innovating automobile purchase and use management models. It supports activities such as "trade-in" programs for old vehicles, the promotion of new energy vehicles in rural areas, and the upgrading of urban buses and power batteries. The plan also calls for deepening the reform of new energy vehicle insurance and optimizing the benchmark rates for commercial vehicle insurance. Finally, it emphasizes strengthening the management of cross-regional circulation of used cars and supporting the development of used car dealership models.
