**Copper moved ahead of a tariff**

American warehouses held **673,766 tonnes** before any tariff was imposed. The proclamation ordered a review, not a duty. Commerce missed the **30 June 2026** deadline, with no White House decision.

The review covered **15% from January 2027 and 30% from January 2028**. Refined cathode remains excluded, while the **50% Section 232 rate** from August 2025 applies to semi-fabricated goods.

Of the total, 406,872 tonnes were warranted and deliverable, while 266,894 were eligible but not warranted. Registered inventory was only **60% of the total**.

The LME spread reached nearly **$550 a tonne in backwardation**, then fell to about $176 after 63,000 tonnes arrived on warrant in 3 days. 

That points to a shortage of warrants, not metal.

**** **[@venture](https://t.me/venture)