Tariff rush boosts demand signals: spot copper has a premium of 478 US dollars/ton compared to the March period, and LME copper is only one step away from its all-time high

The Zhitong Finance App noticed that copper prices continued to rise for seven weeks, approaching a historical record; the key price spread on the London Metal Exchange widened to an abnormal level, clearly showing a signal that short-term supply competition is heating up.

The spot price of copper was once 478 US dollars per ton higher than the contract that was delivered three months later, the biggest price difference since the position was severely tight in 2021. This stock litre structure is a typical sign of tight supply in the short term.

The cumulative increase in copper prices since this year is due to the fact that large amounts of copper are flowing to the US — the market prepares goods in advance in response to possible tariffs imposed by the Trump administration — which has led to a reduction in supplies in other regional markets. According to LME statistics, inventories have fallen to just over 200,000 tons, the lowest level since February.

As of press release, LME's three-month copper rose 1.2% to $14,331 per ton, approaching the historical intraday high of $14,527.50 set in late January.