Tariff "Uncertainty" Becomes Copper's Biggest Bull: Over a Million Tons Flow to US, LME Copper Price Hits Record High Above $14,700

Copper prices repeatedly hit record highs, with the core driver shifting from demand to global regional inventory mismatches. The unresolved US tariff policy on refined copper continues to attract over a million tons of copper to the US through arbitrage trades, tightening LME spot supply. Meanwhile, recovering Chinese import demand and constrained mine supply are jointly pushing copper prices higher, with structural strength likely to persist.