Countdown to U.S. Copper Tariff Decision: Supply and Demand of "Computing Power Metal" Face Changes

In July of last year, the US government announced a tariff plan on copper, previously only imposing a 50% tariff on copper semi-finished products, while refined copper was temporarily exempted. However, there are plans to gradually impose tariffs on refined copper starting from 2027. The final decision on whether this plan will be implemented will be determined by the end of June. The US Department of Commerce must submit a report on the "232 tariffs" by June 30, and based on this report, make a final decision. As the deadline for the release of the US "232 tariffs" report on June 30 approaches, the global metal market related to AI power will experience a new round of fluctuations. International banks such as Goldman Sachs analyze that if the US implements a new round of tariff policies on copper, US buyers may start hoarding goods on a large scale. Currently, US COMEX copper inventories have exceeded 650,000 tons, reaching a historical high. At the same time, in the international market, small metals such as tungsten, tin, tantalum, and indium that are deeply integrated into the AI power industry chain, may experience further supply shortages.