Driven by expectations of Donald Trump government tariff policies, a large volume of copper metal continues to flow into the United States, leading to tighter supply in other global markets. Three-month copper prices on the London Metal Exchange (LME) were reported at $14,368 per ton, up 1.47% from the previous trading day, just a step away from the intraday historical record of $14,527.50 set in late January this year. Copper prices have risen by over 15% year-to-date, recording gains for seven consecutive weeks. Meanwhile, the LME spot copper premium over the three-month futures contract once expanded to $478 per ton, the largest spread since the major short squeeze in 2021, reflecting near-term supply tightness. LME copper inventories have fallen to slightly above 200,000 tons, the lowest level since February this year, further exacerbating supply pressure in the spot market.