[SMM Morning Meeting Summary: US to Impose Substantial Copper Tariffs, US Copper Prices Surge] On July 8, spot premiums for SMM #1 copper cathode against the 2507 contract for the current month were reported at a range of 40-130 yuan/mt, with an average premium of 85 yuan/mt, down 10 yuan/mt MoM. Looking ahead to today, with several trading days remaining before delivery, it is expected that suppliers will continue to actively sell their cargo when the price spread between futures contracts (BACK) for the next month exceeds 200 yuan/mt, and there is still a possibility for spot premiums for SHFE copper to decline further...

On July 8 (Tuesday), after US President Donald Trump unexpectedly announced a 50% import tariff on imported copper, Chile, the world's largest copper producer, was left in a state of wait-and-see, caught off guard, with the country's top miner still holding out hope for an exemption.

On July 8 (Tuesday), US copper prices surged by over 12%, reaching a record high of over $12,330 per mt, driven by disruptions caused by US tariff policies.

Domestic sales showed slight resilience in July, while exports have already declined significantly. National subsidies and other policies remain unclear at present, and air conditioner inventories are high, posing pressure on both OEMs and channel distributors. After entering August and September, both domestic sales and exports are expected to decline significantly, with the operating rate of copper pipe & tube enterprises projected to be only 60-70%.