节点：上游（原材料/资源端）位置：上游情绪：中性参考度：2/10
2025年7月30日周三，美国铜期货市场经历了一场罕见的单日暴跌。COMEX铜价受政策消息刺激，数分钟内重挫20%，创下该品种上市以来最大跌幅。
此次剧烈波动的根源是白宫突然调整关税政策。白宫声明自8月1日起，对进口铜半成品征收50%额外关税，却将进口量最大的精炼铜排除在征税清单之外，这完全打破了市场此前预期。
政策变动直接冲击市场，COMEX 9月期铜消息公布后急速下挫，盘中最低触及5.586美元/磅，较上一交易日收盘价暴跌3.95美分，跌幅0.70%。此前美国铜价相对LME基准铜期货溢价曾高达28%，政策明朗后大幅收窄。
交易商反馈表明，暴跌源于政策与市场预期严重背离。..多头寸。但白宫将占进口总量近60%的精炼铜排除在外，致使大量错配头寸集中平仓，引发价格踩踏。
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