The premium for spot copper compared to three-month copper, the benchmark for the London Metal Exchange, soared to the highest level in two months, indicating that short-term supply pressure continues to increase. On Tuesday, this critical spread jumped to a high of $206 per ton, the widest level since a major market crunch ended at the end of August. Spot contract premiums are a prominent feature of tight supply in the market, and the rise in copper prices to record levels this year was largely driven by expectations that the US would impose tariffs on refined metals.

The premium for spot copper compared to three-month copper, the benchmark for the London Metal Exchange, soared to the highest level in two months, indicating that short-term supply pressure continues to increase. On Tuesday, this critical spread jumped to a high of $206 per ton, the widest level since a major market crunch ended at the end of August. Spot contract premiums are a prominent feature of tight supply in the market, and the rise in copper prices to record levels this year was largely driven by expectations that the US would impose tariffs on refined metals.