Copper climbed to a three-month peak as tight supply conditions persisted and market sentiment improved on hopes of new U.S. trade agreements with major global economies. Backwardation Highlights Supply Tightness: Spot copper contracts are trading at significant premiums compared to those for later delivery — a market structure known as backwardation, which reflects short-term supply shortages. A notable decline in inventories on both the London Metal Exchange (LME) and in China has contributed to this squeeze. This inventory drop followed a surge in copper shipments to the United States, as traders aimed to preempt ... (full story)