Westpac with the analysis. In brief:

  • copper prices supported by by expectations of a tighter global supply
  • U.S. copper premiums have jumped to 14% above London Metal Exchange prices, driven by the potential for 25% tariffs on the metal later this year
  • has triggered a rush of copper shipments to the U.S.
  • could result in supply shortages elsewhere in the global market
Copper price chart
Source: Forex Live