The copper market once again fluctuated sharply, and a key single-day spread soared to the highest level since the historic shorting of the market in 2021. The metal contract delivered on Wednesday by the London Metal Exchange had a premium of up to 110 US dollars per ton over the next day's exchange rate, the worst spot increase since spot supply was extremely scarce in the past five years. Commodity traders are paying close attention to copper price trends: large quantities of copper are being sent to the US, leading to continued shrinking copper inventories that provide liquidity for global benchmark contracts. This round of tight supply is due in large part to arbitrage transactions — the market predicts that the US will levy import tariffs, and arbitrage acts cause rapid inventory consumption in other regions. On Monday, the spot price had a premium of up to $545 per ton over three-month futures; on Tuesday, the spot price continued to rise sharply.

The copper market once again fluctuated sharply, and a key single-day spread soared to the highest level since the historic shorting of the market in 2021. The metal contract delivered on Wednesday by the London Metal Exchange had a premium of up to 110 US dollars per ton over the next day's exchange rate, the worst spot increase since spot supply was extremely scarce in the past five years. Commodity traders are paying close attention to copper price trends: large quantities of copper are being sent to the US, leading to continued shrinking copper inventories that provide liquidity for global benchmark contracts. This round of tight supply is due in large part to arbitrage transactions — the market predicts that the US will levy import tariffs, and arbitrage acts cause rapid inventory consumption in other regions. On Monday, the spot price had a premium of up to $545 per ton over three-month futures; on Tuesday, the spot price continued to rise sharply.