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Copper Hits Record High; Goldman Warns A "Circular Melt-Up" Is Now Driving Global Market
Copper futures on the London Metal Exchange broke out of the post-Thanksgiving trading range and into record-high territory on a massive tariff-driven scramble for supply. Copper jumped nearly 1% on the LME to $11,294.50/ton, while Comex futures surged 1.6%, blowing out the US-London spread as traders scramble to rush metal into the U.S. ahead of potential Trump-era import tariffs. The arbitrage continues to pull supply from the rest of the world into the U.S., compounding a year already plagued with unexpected mine outages and tightening fears. Goldman's commodity specialist, James McGeoch, commented on this ... (full story)
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