Copper fell in Asian trade. SOCGEN analysts said a new set of region-based
arbitrage and trade-policy factors are clouding price signals. Constrained mine
supply and rising demand from AI and other industries continue to underpin
prices, but tariff-linked arbitrage has redirected large copper inventories into
the US, draining stocks elsewhere and weakening the usefulness of traditional
regional inventory analysis. LME three-month copper fell 0.1% to $14,230 per
tonne.