๐ธ 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.
โ๏ธ @venture
๐ธ Copper moved ahead of a tariff American warehouses held 673,766 tonnes before any tariff was impos
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