SMM Copper Morning News: China-US Trade Talks Progress, Trump's Drug Price Cut Plan, Copper Prices Fluctuate

Published: May 12, 2025 08:37

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SMM Copper Morning News: Macro side, at a Chinese press conference, it was announced that substantial progress had been made in the high-level economic and trade talks between China and the US, and important consensus had been reached. Both sides agreed to establish a China-US economic and trade consultation mechanism. China and the US will finalise the relevant details as soon as possible and release a joint statement on the outcomes of the talks on May 12. Trump's major announcement: One of the most important and influential pieces of content will be released; Trump said he would sign an executive order, which would immediately reduce drug prices by 30%-80%. Due to the wait-and-see attitude towards the talks' outcomes, the US dollar index weakened on Friday night, while copper prices fluctuated at highs. Fundamentals side, with copper prices remaining high and the price spread between futures contracts continuing to widen, downstream players maintained just-in-time procurement, with low willingness to restock. Although copper cathode inventory continued destocking, with the delivery period approaching and high price spreads, spot cargo is expected to trade at a discount. Overall, the China-US joint statement is expected to be released today, and copper prices are anticipated to have some support today.

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