Expectations the US may impose tariffs on refined copper and ongoing supply
tightness pushed copper to fresh records, with LME copper rising for a fourth
straight session to $14,617/tonne. Prices are up about 17% year-to-date as
constrained mine output meets stronger demand from data centers,
renewable-energy equipment and power grids. Anticipation of tariffs has driven a
surge of refined copper into the US, draining LME stocks, triggering severe
tightness last month and leaving the futures curve deeply backwardated,
signaling physical shortage.