London Metal Exchange (LME) copper prices surpassed $14,700 per ton during Tuesday's trading, setting a new historical record. This rally is primarily driven by a regional mismatch in global copper inventories: the U.S. Department of Commerce's tariff review period for refined copper has passed, but the White House has yet to announce its findings. This situation maintains a substantial arbitrage spread between New York and London, continuously attracting over 1 million metric tons of copper globally to the United States. Consequently, LME spot supply has tightened, with LME copper inventories plummeting 32% from a month ago to 205,000 tons. Concurrently, Chinese smelters are importing significant volumes of refined copper due to a shortage of copper concentrate, further boosting demand.