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[SMM News] VAT fell by 3% Shanghai Copper back structure expanded rapidly
Mar 5,2019 10:11CST
The content below was translated by Tencent automatically for reference.

SMM, March 5: in a report on the work of the government at the second session of the 13th National people's Congress, Premier Li Keqiang said that we will deepen the reform of value-added tax and reduce the current tax rate of 16 percent in manufacturing and other industries to 13 percent this year. To reduce the current tax rate of 10% in transportation, construction and other industries to 9%; The tax rate of 6% will remain unchanged, but through the adoption of supporting measures such as increasing tax credits for production and living services, we will ensure that the tax burden of all industries will only be reduced and not increased.

Shanghai Copper 04 / 05 contract back expanded significantly, from yesterday's close of 70 yuan / ton to the current 600 yuan / ton. SMM said that the reduction in VAT directly led to the reduction of contract costs in the far month, the reduction in the price center in the far month and the arbitrage space on the spot led to the rapid expansion of the back structure of Shanghai Copper.

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