Tariff Expectations Drive Copper Flows to US, Copper Prices Rise for Seven Straight Weeks Toward Record High, LME Spot Premium Hits Widest Since 2021

Driven by expectations of Trump tariffs, large amounts of copper metal have rushed into the US, tightening global supply sharply. The LME copper spot premium once surged to $478 per ton, the widest gap since the 2021 short squeeze; inventories fell to their lowest since February this year. Three-month copper is currently trading at $14,368, up over 15% year-to-date, rising for seven consecutive weeks, just a step away from its historical high.