Copper spread – Tariffs trigger opportunity

In recent weeks, the copper market has shown a notable shift in pricing dynamics between COMEX) and LME futures contracts. From late April to mid-May, the Dec-25 spread narrowed from $1,708 per metric ton to $1,113, reflecting a reassessment of geopolitical risk, policy uncertainty, and trade expectations.
This adjustment is not tied to new policy announcements, but to the market recalibrating its expectations regarding potential import tariffs on refined copper in the United States.
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