June 2 — COMEX copper surged to $6.649/lb intraday (about $14,658/t) as the COMEX–LME spread briefly widened to nearly $700; inventories at the two exchanges are also diverging. In 2025 the spread neared $3,000, triggering large cross-exchange arbitrage and a subsequent rise in COMEX stocks. Market participants say the current spread expansion is reshaping trade flows and producing regional supply mismatches, with shortages outside the U.S. persisting. On these supply–demand fundamentals, copper

June 2 — COMEX copper surged to $6.649/lb intraday (about $14,658/t) as the COMEX–LME spread briefly widened to nearly $700; inventories at the two exchanges are also diverging. In 2025 the spread neared $3,000, triggering large cross-exchange arbitrage and a subsequent rise in COMEX stocks. Market participants say the current spread expansion is reshaping trade flows and producing regional supply mismatches, with shortages outside the U.S. persisting. On these supply–demand fundamentals, copper likely retains upward momentum over the short- to medium-term.