The US tariff investigation on copper resumed, and US copper futures rose sharply

Gold Ten Futures, February 26th, Trump ordered a new investigation into possible new tariffs on copper imports, and US copper futures rose sharply in late trading, up nearly 4% so far. From the perspective of supply and demand, the mine side is tight, TC is negative, the smelting environment is fragile, and there are certain disturbances on the supply side. Power outages in some parts of Chile. Codelco said that power outages have affected all its mining areas, and the supply side has increased. On the demand side, domestic demand has not yet fully started. The spot discount is 125 yuan/ton (-20 yuan from the previous trading day). Domestic copper warehouses are still accumulating, and the contradiction between supply and demand is not prominent for the time being. The impact of US tariffs has resumed, US copper futures have risen sharply, and the Russian-Ukrainian war armistice has emerged. Domestic positive factors are increasing, and there are more supportive policy expectations. Copper prices remain volatile and strong judgments. The strategy is to still go long and trade a wave of policy expectations.