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Impacts of China Tax Reduction on Copper Industry

Copper Material

As reported in The 13th National People's Congress by premier Li Keqiang on March 5th, China will implement tax reduction policy in this year, cut the Value-Added-Tax (VAT) for manufacturing industries by 3 percent.

Details are:
1. For manufacturing industries: from 16% to 13%, 3% lower.
2. For Transportation industries: from 10% to 9%, 1% lower.

How will it impact copper industry?

The exchange rate structure of copper price in Shanghai Futures Exchange was expanded to CNY 600/MT at 10:11 A.M. today, comparing to the closing price at CNY 70/MT yesterday. It reduces carrying costs, provides potential arbitrage opportunity, and enlarges follow-up structure as well.

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