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Copper Tops $14,000 As US Stockpiling Drains Global Supply Ahead Of Trump's Tariff Call
['Tyler Durden']
ZeroHedge News
Copper strength has returned to the London Metal Exchange this week as futures top $14,000 a ton.
Another leg higher could be imminent, pushing prices into blue-sky territory as traders weigh tightening global supplies against robust metal inflows into the US ahead of President Trump's expected tariff decision.
The Commerce Department was expected to deliver its tariff recommendation by June 30, but no decision has been announced.
LME copper settled 1.4% higher at $14,066.50 a ton, while Comex futures rose as much as 2.3% to approach May's record high.
Taken together, some of Wall Street's top metals desks have warned about a sustained break above $14,000 on the LME.