Copper's recent move to $13,228 per tonne on the London Metal Exchange reflects a market driven by policy signals rather than consumption data. The subsequent pause highlights how quickly speculative positioning can reverse when physical offtake fails to confirm the move. The US Supreme Court's ruling dismantling the reciprocal duties mechanism has materially altered trade expectations, with the administration proposing a 15% levy on Chinese goods under a revised global tariff framework. Under this new structure, Morgan Stanley estimated the average US levy on goods from China would fall from 32% to 24%, improving ... (full story)